ETH to $1.1K?! 😱 Market CRASH?!

Technical Musings

Penned by Shayan, a scribe of the digital scrolls.

The Daily Chronicle

As foretold, Ethereum’s inability to cling to even the most meager supports is a dire omen, like a raven croaking outside your window. This selling pressure, this digital exodus, is fueled by the woes of the world – wars, tariffs, the general madness of men. 🌍💸

Thus, Ethereum has plummeted below the sacred thresholds of $2,000 and $1,500, as investors, ever the cautious lot, flock to the false safety of gold, the greenback, and even Bitcoin – that granddaddy of digital dust. 😂

Currently, Ethereum teeters on the edge of a critical precipice at $1,500, a temporary reprieve perhaps. Yet, with the bears in full cry, another descent towards the abyss of $1,100 seems a likely fate. 🤔

The Four-Hour Observation

The bearish structure of Ethereum remains stubbornly intact, a testament to the sellers’ iron grip. Lower highs and lower lows mark the path, like footprints in the snow leading to a desolate wasteland. The price, alas, met fierce resistance at a descending trendline, triggering a slide towards the $1,500 mark. Moreover, the dreaded “death cross” has formed – the 100-day moving average plunging below the 200-day MA, a signal as ominous as a priest’s cough. 💀

Given these signs, Ethereum is destined for further corrective fits and starts, followed by a deeper descent. Short-lived rallies, mere illusions of hope, may flicker before the grand finale.

Onchain Divinations

Also by Shayan, the seer of the blockchain.

The Binance liquidation heatmap, a tapestry of potential price targets, reveals the hidden desires of the market. Ethereum’s consolidation from August to November 2024 has created a cluster of liquidations just below the $2,000 line. These represent the shattered dreams of long-position holders, ripe for the picking by the bearish horde. 😈

Recently, a cataclysmic sell-off drove the price into this zone, unleashing a torrent of liquidations. This cascade fueled the decline. Yet, perhaps, this is a moment of opportunity for the cunning investors, the “smart money,” to position themselves before the next grand upheaval. 💰