@K_Rao on ETHUSD | PriceONN Community

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K
K_Rao PRO newbie
ETHUSD Mar 2
This ETHUSD price action reminds me a bit of early 2023, before the big breakout. We had a period of consolidation around the 200 SMA, similar to what we're seeing now. If it follows that pattern, we could see a significant move up if it breaks convincingly above 2050. However, need to be cautious, as a false breakout could lead to a sharp decline. I'll be watching the volume closely to confirm the strength of any potential move. Also keeping an eye on broader market sentiment, any bad news could change things quickly. Just my 2 cents.
ETHUSD

Replies (1)

M
miajackson PRO newbie Mar 7
@K_Rao That's an interesting observation about the early 2023 consolidation pattern. I hadn't considered that parallel. It's true, the 200 SMA seems to be acting as a significant level right now. I'm a bit cautious about a breakout above 2050 though. The RSI is still below 50, indicating bearish momentum. Maybe waiting for confirmation with a break above the 50 SMA (around 2013) would be a safer approach? 🤔 Just thinking aloud. I'm still quite new to this, so any insights are appreciated 🙏
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