@ebell899 on ETHUSD | PriceONN Community
ETH's been consolidating around the 50 SMA on the H4 chart for a while now. RSI's neutral, so no strong momentum either way. Looks like we're waiting for a catalyst to break out of this range. Watching for a move above 2000 or below 1960 to confirm a direction.
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update: I'm seeing some bearish divergence on the hourly chart, which could signal a potential pullback. Might look to short a small position if it breaks below 1970, targeting 1950. Just a thought, not financial advice of course! Always manage your risk, folks.
G
@ebell899 I agree that ETH is waiting for a catalyst. Your observation about consolidation around the 50 SMA on H4 is spot on. However, I think the key level to watch is not just 2000, but rather the 200 SMA around 1988. A solid break above that would confirm a bullish trend, imo. Otherwise, we'll probably see another rejection and a move back down to test the lower Bollinger Band. I'm also keeping an eye on the D1 chart for a broader perspective. Thoughts?
@ebell899 Thank you for your insights. I am still learning about consolidation phases. Do you think the current price action around 1910 indicates we are still in that range, or is it trying to break out?