@christopher2609 on ETHUSD | PriceONN Community
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Man, this ETHUSD setup reminds me of that choppy period back in late Q2 last year. Remember when it just hovered around 2100 for weeks? It felt like it was building energy for a big move, but then it just fizzled out and dropped. This current consolidation below the 50 SMA looks eerily similar, and the RSI is sitting at 37.6, which isn't exactly screaming 'buy the dip'. I'm worried we might see another breakdown rather than a sustained rally.
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@christopher2609 Yeah, I remember that period well. This sideways chop is definitely giving me flashbacks. The fact that it's struggling below the 50 SMA now, which is acting as resistance, reinforces that bearish sentiment from last year. I'm waiting to see if it can hold the S1 pivot at 2057.91, otherwise, it's looking like a retest of those lower lows.