🤑 ETH’s Plunge: Will It Hit $2.6K or Bounce Back? 🪙

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Ah, the fickle fortunes of Ethereum! 🌪️ Behold, as this digital darling bleeds slower than a tortoise in quicksand, dipping below the $3,100 mark. The crypto realm, ever so glum, watches with bated breath. After a dramatic tumble from its lofty distribution range, ETH now dances the waltz of lower highs and lows, a ballet of bearish despair. Buyers, those timid souls, hesitate like a courtier at a royal feast, unsure whether to partake. Open interest, once a roaring lion, now purrs softly, signaling a cooling derivatives market. Alas, fresh leverage is as rare as a honest man in court! 😏

Technical Farce, by Shayan

The Daily Chart: A Tale of Woe

On the grand stage of the daily timeframe, ETH clings to the $3,000 support like a jester to his last joke. Having fallen from the $3,500 supply zone, it now wallows beneath the 100-day and 200-day moving averages, a sure sign of bearish tyranny. Momentum, once a gallant knight, now crawls like a snail, with RSI at 32, flirting with oversold territory. Should buyers falter, $2,600 awaits, followed by the abyss of $2,100. Yet, reclaiming $3,500 would be a triumph-but who dares dream without volume’s mighty roar? 🎭

The 4-Hour Chart: A Wedge of Doubt

In the shorter act, ETH finds itself trapped in a falling wedge, a pattern that whispers of reversal, yet remains unproven. It teeters on the lower trendline, clinging to $3,000 like a miser to his coins. RSI hints at bullish divergence, a fleeting hope for a relief bounce. But beware! Without a clean breakout above $3,200, backed by volume’s trumpet, all may be but a cruel jest. Lower highs and lows reign supreme, unless fate decrees otherwise. 🧙‍♂️

On-Chain Comedy

Open Interest: The Vanishing Act

Open interest, once a towering giant at $30B, has shrunk to a mere $18B, mirroring ETH’s descent. Traders, those wary souls, de-risk like courtiers fleeing a plague. Liquidations and closures abound, a prelude to volatility’s grand entrance. Will it bring a recovery bounce or a sell-off’s encore? Until open interest rises with price’s grace, momentum remains a muted minstrel. 🎻

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2025-11-20 16:40