In a world as topsy-turvy as a chocolate factory gone mad, Ethereum (ETH) – that once-proud second monarch of the crypto kingdom – is now tumbling down like a poorly stacked tower of sweets. With prices careening beneath the magical thresholds of $1,700 and $1,600, one could almost hear the giggles of mischievous imps in the background 🍭😈.
Our dear friends at CryptoQuant, a cheeky bunch of on-chain conjurors, reveal that poor, poor Ethereum investors are wallowing in a cauldron of losses – many of them having purchased at a fanciful average of $2,200. Oh, what a dizzying pickle!
Now, brace yourself for the next twist in our tale – the enchanted support level appears at a bewitching $1,290. Should our beloved asset stumble down to this grim figure, imagine a heart-wrenching, $910 tale of unrealized losses, fit for a Dickensian fable, reserved for those who dare to sell.
At the very moment of this narrative, Ethereum flutters around at a precarious $1,553.62 – a drop of 11.95% in a mere day, as chronicled by the wise sages at CoinMarketCap. Earlier, it had dipped to a lowly $1,473, losing those key price levels as if they were but trinkets in a crooked carnival game 🎪🤡.
But wait! Even in this perilous plummet, an odd sort of magic unfolds – the allure of negative pricing has stirred a curious surge of buyers. Like children in a candy store, market minstrels have flocked in, causing trading volumes to balloon a staggering 570.91% to an astonishing $52.37 billion.
ETH Next Major Support Level $1.29K
“The average cost basis for Ethereum holders is $2.2K. The next major support level is around $1.29K, the average cost basis of whales holding over 100K Ethereum.” – By @MAC_D46035
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— CryptoQuant.com (@cryptoquant_com) April 7, 2025
According to the ever-quirky analysis of CryptoQuant, this whirlwind of trading volume might just be the cunning strategy of investors desperate to dodge further gloom. Their antics are bound to leave an indelible mark on the market’s frolicsome behavior.
The leading on-chain oracle insists that the magical floor of $1,290 is as sturdy as a giant’s boot – a resolute barrier against further misadventures, where Ethereum might yet rediscover the exuberant charm of buying interest.
Ethereum’s Titanic Whale Shenanigans and Gloomy Omens
Adding to this madcap narrative is a subplot featuring Ethereum whales – those colossal behemoths each clutching over 100,000 ETH. When the price tumbles further into the abyss, these hefty denizens are expected to intervene, scooping up assets faster than a snooping giant pilfering sweets, all in a bid to HODL and stem the tide of disaster 🐋😉.
Meanwhile, market onlookers are crossing their fingers that Peter Schiff’s grim prophecy – a drop to the dismal depths of $1,000 – remains nothing more than an overblown bedtime story. After all, one can hardly blame a man for dreaming up a financial fable so delightfully dreadful!
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2025-04-07 19:38