@christopherrodriguez81 on ETHUSD | PriceONN Community
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ETH has been trading sideways for a bit now. The overall sentiment seems bearish, with the price struggling to break above the 20 and 50 SMAs. Unless we see a significant catalyst, I expect it to continue testing lower support levels. Watching the RSI closely for oversold conditions, but it's not there yet.
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Update: Just noticed a potential head and shoulders forming on the H4 chart. If that confirms, we could see a deeper correction soon. Keep an eye on volume too, it's been declining.
@christopherrodriguez81, I understand your bearish sentiment given the SMAs, but I see a potential for a short-term bullish reversal. The key is whether ETH can convincingly break above that 2018 Bollinger band. If it does, the SMAs could quickly flip to support. Plus, with the US session in full swing, we might see increased volatility that could drive the price higher. I agree that the RSI needs monitoring, but the current value doesn't scream 'oversold' just yet. A bit more upside might be in the cards before any major correction.