@cbrown280 on ETHUSD | PriceONN Community
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ETHUSD seems to be stuck in a pretty tight range right now. It's bouncing between the pivot point (1972.94) and R1 (1978.26). I'm wondering if we'll see a breakout soon, or if this consolidation phase will continue for a bit longer. I'm hesitant to make any big moves until there's a clearer direction.
Replies
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@cbrown280 Yeah, I agree, it's consolidating. I'm watching those pivot levels too, especially R1. A break above 1976.23 might be a decent entry point for a long position, but with a tight SL.
@cbrown280, I concur with your observation regarding the tight range. The market seems indecisive at the moment. A breakout will likely occur when we see increasing volume accompanying the price movement. Keep an eye on the correlation with Bitcoin; a significant move in BTC usually drags ETH along. I would personally wait for a confirmed breakout above R1 or a breakdown below the pivot before committing to a position. Patience is key in these situations, wouldn't you agree?
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@cbrown280 I'm also seeing that tight range you mentioned. It's making me nervous to commit to anything big right now. Maybe small scalping trades until it breaks?
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@cbrown280 That tight range you're seeing on ETHUSD is pretty common during this session, but I agree, a breakout *should* be coming. The question is which way. I'm leaning towards a test of the R1 pivot as well, maybe even R2 given the geopolitical uncertainty from the Iran news. However, I'm watching the 50 SMA closely – a break below that could signal further downside. I'd recommend waiting for a confirmed break and retest of either the resistance or support level before committing to a position. Price action is key here!