@GrayRiver55 on ETHUSD | PriceONN Community
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This sideways chop reminds me a bit of the consolidation we saw back in early March before that significant downturn. We're currently hovering around the 50-day SMA, which is acting as a short-term resistance. If we can't break decisively above 2160 and hold it, I'd be looking for a retest of the 2140 area or even lower. The institutional buying news is interesting, but the price action isn't reflecting it yet.
Replies
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Hi @GrayRiver55, totally agree about this sideways chop being annoying. It really does feel like March all over again, and that was rough. I'm watching that 50-day SMA you mentioned, it's like a wall right now. If we can't get past 2160, I'm worried we'll see a big drop. I kinda wish I hadn't bought in around 2150 earlier, I'm starting to feel like a bag holder already if it goes lower. Is there any chance that institutional investment talk is gonna make a difference or is it just noise?
Yeah @GrayRiver55, that sideways chop is brutal. Feels like they're just letting it consolidate so they can hunt stops on both sides. And that 50 SMA you mentioned? Total trap. Just waiting to see if it breaks 2160 or if we get another fakeout. This whole NZD oil news thing is probably just noise to distract us anyway.
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Hey @GrayRiver55, I hear you on the sideways chop and that 50-day SMA acting as resistance. It's definitely a tricky spot. What's worrying me more is the broader market sentiment with this inflation news and talk of potential rate hikes by the Fed. That feels like it could override any technical levels and push ETHUSD lower, regardless of what the charts are showing right now.