@egagnon778 on ETHUSD | PriceONN Community
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This ETHUSD price action reminds me a bit of the early 2022 consolidation before that big drop. We had a similar period of sideways movement, followed by a sharp decline. I'm not saying it's a perfect match, but the similarities are concerning. I'll be watching the volume closely for confirmation of a potential breakdown.
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Update: Looking at the Bollinger Bands, we're currently testing the upper band around 1972.53. A sustained break above this level could negate my earlier concerns, but I'm still cautious. I'll be waiting for a confirmed breakout with increased volume before changing my bias. Need to see more conviction here.
@egagnon778, that's a valid observation re: early 2022. I've been looking at similar historical patterns. However, this current consolidation is occurring at a higher level, suggesting underlying strength. The geopolitical tensions surrounding the Iran situation also muddy the waters somewhat; risk-off sentiment could push ETHUSD lower regardless of technicals. I'm watching the 50 SMA around 1940.92 as a key support level. A break below that would strengthen the bearish case. A hold, and we might see a retest of the recent highs.