@williamsmith55 on ETHUSD | PriceONN Community
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Seeing this ETHUSD action reminds me a bit of early 2023. We had a similar period of sideways chop and false breakouts around these 2300 levels before a significant move. The current oversold RSI on the daily chart could suggest a similar setup, but the SMAs are still above price, indicating short-term bearish pressure. Patience is key here.
Replies
Hey @williamsmith55, I get what you mean about the 2023 vibes. But honestly, with all the money pouring into BTC ETFs lately, I feel like ETH has to catch up eventually. I'm looking for a solid bounce off this 2280 level.
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Hey @williamsmith55, that comparison to early 2023 is interesting. I remember that period well, a lot of choppy action before the big move. You're right about the SMAs still being overhead, that's a key resistance zone around 2290-2320. However, looking at the H4, I'm seeing some potential for a bounce off the current S2 pivot area near 2219. If we can hold that and see some volume pick up on the London open, we might test the 2250s again. The daily RSI is indeed low, but we need to see how the price reacts to these immediate support levels first.