In the dusty corners of the digital marketplace, Ethereum‘s price has been on a downward spiral, like a tumbleweed caught in a relentless wind. If the winds of change do not blow soon, we might just find ourselves in a desert of lower prices.
Technical Analysis
By Edris Derakhshi (TradingRage)
The Daily Chart
On the daily chart, the price has been playing a sad tune, making lower highs and lows, much like a broken record that keeps skipping after being rejected by the $4,000 resistance level not once, but twice in December. Oh, the drama!
As it stands, ETH is trading below the 200-day moving average, which is lounging around the $3,000 mark, trying to muster the strength to break back above $2,700. If the market can pull off this miraculous feat, we might just see a bullish reversal. But if it fails, brace yourselves for a tumble toward the $2,350 support zone. Grab your popcorn! 🍿
The 4-Hour Chart
Peering into the 4-hour chart, we see a price that has been consolidating like a cat in a sunbeam for the past couple of weeks. Currently, the market is testing the $2,700 level, while the RSI is teetering on the edge of dropping below 50%. Talk about a cliffhanger!
This little signal could indicate a bearish shift in momentum, potentially sending us spiraling down toward the $2,000 zone in the coming weeks. Hold onto your hats, folks! 🎩
Sentiment Analysis
By Edris Derakhshi (TradingRage)
Funding Rates
The futures market has been a wild beast, influencing Ethereum’s price action like a cowboy wrangling a stubborn steer. The funding rates metric is a crucial indicator of sentiment, revealing whether buyers or sellers are throwing their weight around more aggressively.
As the chart suggests, funding rates have been on a steady decline, much like my hopes for a sunny day in February. This indicates that the futures market is no longer overheated, and with enough spot demand, we might just see a recovery. Fingers crossed! 🤞
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2025-02-15 17:55