Ethereum, that sly fox, is currently under a heapin’ helpin’ of downside pressure, thanks to the February liquidation fiasco. Now, it’s hunkered down near the mid-$1,800s, like a squirrel hoarding acorns but with way less charm.
The market’s still moseying along in a cyclical correction, but it’s as slow as a turtle in a mud bath. Short-term momentum? Gone, like a ghost in a haunted house. The market’s trying to build a base, but it’s like building a house on a foundation of sand-trust me, I’ve tried.
Ethereum’s Daily Dilemma
On the daily chart, ETH’s wobbling inside a descending channel, like a drunk man trying to walk a straight line. The price’s hanging near $1,800-$1,850, which is about as comforting as a snake in a bed. The breakdown from $2,300-$2,400 and the rejection below those moving averages? A bearish medium-term trend, sure, but also a reminder that the market’s as fickle as a teenager’s mood.
The immediate focus? The $1,750-$1,800 demand band. If ETH holds, it might bounce back to $2,000-$2,200. But if it falls, prepare for a trip to $1,500-$1,600. It’s like a game of chicken, but with more numbers and fewer feathers.
ETH/USDT 4-Hour Showdown
The 4-hour chart? A mess. The ascending support line from February’s low? Broken, like a promise. Now it’s consolidating just below that trendline, inside the same $1,750-$1,850 demand zone. Short-term momentum? Weak, but not as weak as a wet noodle. The RSI’s flatlining after an oversold print-sounds like a nap, but it’s more like a prelude to a dramatic exit.
If ETH stays above $1,750, it might creep back to $1,900-$1,950. But if it dips below $1,780? Expect another round of selling, like a bad movie sequel. The market’s as unpredictable as a squirrel with a GPS.
On-Chain Shenanigans
Perpetual futures positioning? A defensive stance so tight, it’s like a turtle hiding in its shell. Funding rates have turned negative, meaning shorts are paying longs. It’s like a party where everyone’s borrowing money to pay for drinks-no one’s having fun, but the bartender’s smiling.
This shift follows a period of mostly positive funding during the uptrend. Now, it’s all about aggressive shorting and long liquidations. The market’s as chaotic as a cat in a room full of pianos.
While negative funding can keep the downside pressure going, it’s also a setup for a short squeeze if buyers show up. It’s like a poker game where everyone’s holding a bluff, but someone’s about to fold.
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2026-02-24 17:07