@hiker717 on ETHUSD | PriceONN Community
Watching ETHUSD here, it's at a critical juncture around the 2323 pivot. Reminds me a bit of that consolidation we saw back in late Q4 2023 before the major run-up. The RSI is sitting at 57, which is fairly neutral, but the proximity to the 20 SMA at 2330.85 suggests some resistance might be forming. If we get a clean break above that with good volume, we could see a move towards R1 at 2352. However, failure to do so could see us testing S1 at 2323.17 again, or even S2 at 2305.2.
Replies
Actually, thinking more about that historical pattern, the volume was significantly higher during that Q4 consolidation. Right now, the volume seems more subdued, which could mean this current push is less convincing. If we don't see institutional money stepping in soon, especially with the lingering uncertainty from the South Korea fines, that bounce might be short-lived. I'll be looking for confirmation on the 1-hour chart before committing to any significant position.
N
@hiker717, I hear you on the comparison to Q4. It does feel a bit similar but like you said, the volume is way different. I'm not sure if this current push has legs without more conviction behind it.