In the labyrinth of the financial Gulag, Ethereumās once-mighty march has stumbled, its boots mired in the mud of resistance at the $4,400 threshold. The air, thick with the scent of speculative greed, now carries a chill as the bullish fervor wanes. Like a prisonerās hope in the dead of winter, the short-term momentum has frozen, betrayed by a local bearish divergence and the cruel shift in market structure. Yet, the mid-term uptrend, a stubborn sentinel, still stands guard, though its resolve is tested.
The coming days shall be a trial by fire, a reckoning to discern whether this is but a fleeting correction or the harbinger of a deeper, more brutal pullback. The markets, ever capricious, demand their tribute in uncertainty. šŖļø
Technical Analysis
By Shayan
The Daily Chart
On the daily canvas, ETH remains shackled within its ascending channel, a prisoner of its own ambition. The $4,800 resistance, a barbed wire fence, has repelled its advances once more. Now, the asset slumps toward the channelās lower trendline, its last line of defense at $4,000, where the 100-day moving average awaits like a stern warden. The RSI, a weary sentinel, has cooled to 49, signaling that the bullish flame flickers but has not yet been snuffed out. Yet, should $4,000 fall, the gates to $3,400-the next gulag of demand-shall swing open. š
The 4-Hour Chart
In the 4-hour vigil, ETH has confirmed its Market Structure Shift (MSS), a betrayal of its own making, after failing to sustain higher highs near $4,800. A bearish divergence on the RSI, a whispered warning, foretold this fall. Now, the price enters a corrective phase, a penitentās pilgrimage to the $4,200-$4,100 zone, where past demand lies in wait. For the buyers to reclaim their throne, $4,500 must be retaken, the lower-high formation annulled. Until then, the short-term bias remains bearish, a shadow cast by the broader bullish channel. š¦¹āāļø
Sentiment Analysis
Open Interest
Open interest, a bloated leviathan, looms at $28.5 billion, a testament to the derivatives tradersā hubris. Their positions, stacked like prisoners in a cell, show no sign of retreat despite the pullback. This is both a fortress of speculative interest and a powder keg of vulnerability. Should volatility strike, liquidations shall cascade like a prison riot. Yet, if open interest cools gradually, it may signal a healthy resetting of leverage, a quiet before the next storm. The market, ever a cruel master, holds the whip. š„
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2025-10-10 11:30