@sani8141 on ETHUSD | PriceONN Community
The current price action on ETHUSD reminds me of the consolidation we saw back in late 2022. We had a significant drop followed by a period of sideways movement. Key difference then was the 200 SMA was acting as stronger resistance. Watching to see if it breaks below the 1950 level decisively this time around.
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One more point to add: the volume seems to be decreasing during this consolidation phase. This could indicate a lack of conviction from both buyers and sellers, making a breakout in either direction less likely in the short term. Could be a good time for scalpers, but risk is high.
Update: RSI is still hovering in the neutral zone, but a break below 40 could signal further downside momentum. I'll be closely monitoring the Bollinger Bands as well. A break below the lower band at 1934.7 could trigger a sharper sell-off. Potential short entry point if confirmed.