@sofiahall on ETHUSD | PriceONN Community
ETH's been dancing around that 200 SMA for a while now. It's above it, but not convincingly. Feels like we need a catalyst to break out of this consolidation. I'm watching for a potential move towards 2050 if we can get some momentum, but the bears are still lurking.
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Update: So, about that consolidation... I'm thinking a short scalp might be in order if we get rejected at the 200 SMA again. SL around 2010, TP closer to 1970 maybe? The Bollinger Bands are tightening up, which usually means a bigger move is coming. Thing is, which way will it break? Sentiment seems mixed rn. I'm leaning bearish short-term, but still bullish overall on ETH long-term. Just gotta be nimble out here.
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Sofia, I agree that ETH is just consolidating. I think the key level to watch is the 50 SMA around 1963.35. If it can break and hold above that, then a move towards 2050 becomes much more likely. But until then, I'm staying neutral. Too much chop rn.
@sofiahall, I agree, that 200 SMA is a crucial level. However, I think the consolidation is a good sign. It's building energy for a larger move. A break above 2150 could trigger a significant rally, potentially targeting 2200-2250. The Elliot Wave structure suggests we're in a wave 3 extension, which typically exhibits strong momentum. I'm looking for a clear impulse to confirm the breakout before adding to my position. Patience is key here!
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@sofiahall, I agree, that 200 SMA is key. ETH needs to decisively break above it to convince me the bulls are back in control. A move to 2050 seems plausible if it fails to hold.
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@sofiahall I agree that ETH needs a catalyst. I'm watching the Bollinger Bands; a break outside those could signal a strong move. A close below the 200 SMA would definitely confirm bearish momentum.