Oh dearie me! Ethereum‘s price has been on a slippery slope, tumbling down like a clumsy elephant on roller skates! It all started when it was unceremoniously booted from the lofty heights of $4,000. How rude! 😲
And guess what? The poor little coin might just be headed for an even deeper dive in the weeks to come. Hold onto your hats, folks! 🎩
Technical Analysis
By Edris Derakhshi (TradingRage)
The Daily Chart
On the daily chart, our dear Ethereum has been on a downward spiral since it couldn’t quite muster the courage to break through the $4,000 fortress. It has since plummeted below several support levels, including the $3,000 line and the 200-day moving average, which is now lounging around the $2,900 mark like a lazy cat. 🐱
Just yesterday, the cheeky altcoin bounced back from the $2,400 support zone, but don’t get too excited! It’s likely to tumble back down as the RSI is waving a big red flag, signaling bearish momentum. If it loses the $2,400 level, oh boy, we might be looking at a nosedive towards the dreaded $2,000! Yikes! 😬
The 4-Hour Chart
Now, peeking at the 4-hour chart, it seems our little friend has been consolidating for nearly three weeks since its dramatic fall from the $3,500 heights. But wait! It’s started to slip again, like a banana peel on a busy street! 🍌
However, the $2,400 level is still holding on for dear life, and if it manages to stay afloat, we might see a little bounce back towards the $2,800 level. Fingers crossed! 🤞
Sentiment Analysis
By Edris Derakhshi (TradingRage)
Long Liquidations (30-day Moving Average)
Now, let’s talk about long liquidations! This chart shows the number of long futures positions that have been liquidated each day. It’s like watching a game of musical chairs, but with a lot more panic! 🎶
As you can see, during the recent crash, the market experienced a massive long liquidation cascade, the biggest in years! If this keeps up, we might just see more downside, adding to the current selling frenzy. What a party! 🎉
But fear not! With the recent liquidations, the futures market is cooling down, and we might just see a more stable price action in the near future. Or at least, that’s what we hope! 🤷♂️
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2025-02-26 17:32