@thando4280 on ETHUSD | PriceONN Community
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This period of consolidation reminds me of late 2022. We saw similar price action in ETH then, where it hovered around a key support level for days before a significant breakout. The indicators are currently neutral, much like they were before that move. It's crucial to observe the reaction around the 20-day SMA at 2050.73, as that often acts as a short-term pivot. Patience will be key here.
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Hey @thando4280, that's really interesting you mention 2022. I'm still so new to all this, I just started trading ETHUSD a few weeks ago and it's been a wild ride! I'm trying to learn as much as I can, so I've been watching a lot of YouTube videos and reading blogs. One guy was saying that if ETH can stay above 2050, it's a good sign. I'm not sure if that's what you mean by support though? It feels like it's always doing something crazy, up one minute and down the next. I really hope it breaks out like you said, but I'm also a bit scared of it falling further if it doesn't. Is it usually this back and forth?
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Hey @thando4280, agree with your observation. The price action does have that hesitant feel. I'm also looking at the 200 SMA on D1 around 2109 as a potential target if this consolidation breaks bearishly.