@olivialevesque on ETHUSD | PriceONN Community
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Actually, thinking more about that November '23 setup, the volume profile back then was quite different. We had much higher volume at these lower levels, indicating stronger accumulation. Right now, the volume seems a bit thinner on these dips, which could suggest some hesitancy even if the pattern looks similar. Also, the 50-day SMA is now below the 200-day SMA, a death cross on the longer timeframe, which is a significant bearish signal that wasn't present in that '23 consolidation. So while the price action might superficially resemble a squeeze, the underlying indicators and volume are painting a more cautious picture for me. We need to see a solid break above the P pivot at 2274, and ideally R1 at 2280, to even start considering a bullish reversal scenario. Until then, I'm leaning towards further downside potential, perhaps testing the 2250-2260 zone.