Ethereum’s Nosedive: $1600 or Bust! 🚨💸

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Well, folks, it seems Ethereum’s got itself in a pickle, and not the kind you’d want to eat. The price of this digital gold is teetering on the edge of a cliff, and if Bit Bull’s crystal ball is to be believed, it’s about to take a swan dive to $1,600. 🏊‍♂️💥

Ethereum’s Wild Ride to $1,600

Bit Bull, the soothsayer of the crypto world, has taken to X to share his gloomy prophecy. According to him, Ethereum’s price is set to continue its downward spiral, potentially hitting the $1,600 mark. And why, you ask? Well, it’s all about that pesky symmetrical triangle Ethereum broke out of—or rather, broke down from. 📉

Bit Bull’s prediction is based on Ethereum’s recent tumble below $1,820, which has sent the crypto into a bearish frenzy. The price has been stuck below $2,000, thanks to a cocktail of unsavory fundamentals and technicals. 🍹🐻

The latest drama? Ethereum’s price has dropped below the triangle pattern, triggering a wave of short entries. A breakdown, a retest, and low trading volumes have all but confirmed the fears of a steeper correction. 🚨

“However, after the breakdown and a retest, ETH is now looking bearish,” said Bit Bull. “Technically, there’s a strong possibility for further downside.” In other words, buckle up, folks—it’s going to be a bumpy ride. 🎢

But wait, there’s more! Bit Bull also points to the ETH dominance chart, which has formed a descending triangle, signaling even more bearishness. “A retest toward the upper trendline is likely, but after that, we could see another move down,” he added. So, if you’re holding onto ETH, you might want to hold onto your hat, too. 🎩

On-chain Metrics: The Bear’s Best Friend

If the technicals weren’t enough to make you sweat, the on-chain data is here to add insult to injury. Active addresses on Ethereum have taken a nosedive in recent months, adding fuel to the fire of falling prices. 🔥📉

There’s also been a decline in Ethereum fees burnt, and fees burnt per transaction are following suit. But perhaps the most damning indicator of long-term bearishness is the increase in ETH supply after the Merge event. 📈🐻

Despite all the doom and gloom, there’s still a glimmer of hope. Standard Chartered analyst believes Ethereum could still hit $4,000 by the end of the year, though they’ve slashed their earlier prediction of $10,000 by 60%. So, you know, take that with a grain of salt. 🧂

As of now, Ethereum is trading at $1,803, down by less than 1% over the last day. Weekly charts show a similar decline, confirming a strong consolidation base for the battered altcoin. Ethereum’s trading volume stands at nearly $7 billion, with whales making up a significant chunk of the market activity. 🐋💼

So, there you have it, folks. Ethereum’s price is on a rollercoaster, and it’s anyone’s guess where it’ll end up. But one thing’s for sure—it’s going to be a wild ride. 🎢🤠

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2025-04-06 03:44