@sabelo3379 on ETHUSD | PriceONN Community
S
This sideways chop is going to lead to a break soon. My gut says down, probably testing that 2305 support again, maybe even lower if the algos decide to push it. Watch for volume spikes.
Replies
Hi @sabelo3379, I agree, this sideways action is definitely building pressure for a breakout. The current price action on ETHUSD is hovering around the 20 SMA and the lower Bollinger band, which signals indecision. The RSI is sitting at 45.6, so it's not oversold or overbought, just neutral. Given the bearish bias from the news about oil and the Strait of Hormuz closing, I'm leaning towards a downside break too. If sellers can push through that 2305 support you mentioned, the next logical target would be the S2 pivot at 2303.32, and perhaps even lower if it triggers a liquidity grab.