Well, I say, old bean, the crypto market is in a bit of a pickle, what? Ethereum (ETH), that sprightly chap, is attempting to reclaim its perch on a rather crucial horizontal area. Some chaps with their noses in the financial breeze are muttering darkly about new lows if the price doesn’t bounce like a rubber ball at a garden party.
Ethereum’s Weekly Shimmy: A Close Call
On Thursday, Ethereum took a bit of a tumble, down 1.4%, retesting a key area for the second day running. After hitting a 10-month low of $1,747, the old boy rallied with a 15% bounce, trading between $2,000 and $2,150. Not too shabby, eh? But, dash it all, the second-largest cryptocurrency by market cap couldn’t hold onto the $2,000 mark on Wednesday, and found itself testing the $1,900 level for the first time in a week. Rather like a fellow who can’t quite keep his balance after a few too many at the club.
After a valiant attempt to reclaim the $2,000 area in the early hours of Thursday, Ethereum was unceremoniously rejected, briefly dipping below it. Analyst Ted Pillows, a chap who knows his onions, pointed out the importance of ETH’s current zone, as it’s been known to trigger major moves. If the altcoin fails to reclaim the $2,000 area in the coming days, he warns, a full retrace toward the recent lows is on the cards. Rather like a fellow who’s lost his footing on a slippery pavement.
Market observer Crypto Busy, another egg with his ear to the ground, noted that Ethereum is currently trading above a major long-term support. According to his post, the recent correction has sent Ethereum toward a three-year rising support line, which “will decide the next big move.” He warns, “If the trendline breaks with strong weekly closes below $1,900, the structure weakens.” So, ETH must hold its current levels in the coming days to avoid a weekly close below this level. Otherwise, its price could drop “into the next liquidity pockets around $1,600 and possibly $1,300, where the next historical support zones exist.” Rather like a chap who’s lost his umbrella in a storm and is now at the mercy of the elements.
Is ETH’s ‘Real’ Bull Market Two Years Away? A Dash of Pessimism, Perhaps?
Trader AlejandroXBT, a fellow with a penchant for macro-outlooks, shared a rather gloomy thesis for Ethereum. He suggests the cryptocurrency could still see another major shakeout:
My thesis is that the major bullish move that began around 2019-2020 has transitioned into a large and prolonged macro correction, and that Ethereum has been consolidating within this broader corrective structure ever since. Rather like a fellow who’s been stuck in a rather tedious dinner party, waiting for the pudding that never arrives.
He outlined four phases for the macro structure: the pump, the correction, the shakeout, and the moon. The initial phase, which occurred between 2019 and 2021, marked “the true impulsive bullish move,” with strong trend expansion and increasing momentum. Rather like a chap who’s found himself in the fast lane on the road to success.
According to AlejandroXBT, the strong rally that followed the 2022 bear market appears to be a “counter-trend move within a broader corrective range” rather than a renewed bull market and the start of a new long-term cycle. As he explained, ETH’s range-bound behavior signals distribution and consolidation instead of continuation. “From this perspective, the apparent bull market that developed within the correction can be interpreted as a dead cat bounce, a technically strong bounce occurring inside a larger corrective structure,” he affirmed. Rather like a fellow who’s had a momentary burst of energy, only to slump back into his armchair.
Therefore, the current macro structure would suggest that a final shakeout phase could “still be required to fully reset sentiment and liquidity before Ethereum can transition into a new impulsive bullish cycle.” Based on this, the trader anticipated a final liquidity-driven move to the downside in the coming months, followed by “the moon” phase, potentially next year, when “the structure suggests the conditions for a true long-term bullish continuation, with price discovery and expansion well beyond previous highs.” Rather like a chap who’s finally found his way out of the maze and is now heading for the champagne fountain.
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2026-02-13 17:20