The Ups and Downs of Ethereum: Is There Hope for a Bull Run? 🤔💸

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Oh dear, where do we even start with Ethereum? It took a nosedive of Titanic proportions, and not the glamorous kind either—more like the kind that leaves everyone clutching their pearls and your wallet feeling oh-so-light. ETH, bless its heart, couldn’t quite reach the dizzy heights of Bitcoin’s gleeful new all-time highs. Sigh.

But, wait! Before you dial the crypto therapist, there’s a glimmer of hope: the bull market for Ethereum, our dear second-favorite cryptocurrency, might just be fashionably late to the party. You know the one—everyone’s already dancing, and someone just turned up with a dodgy bottle of wine.

Technical Analysis

By Edris Derakhshi (TradingRage, whom we thank deeply for this rollercoaster ride)

The Daily Chart

Now, if we peek at the daily chart, we can see that Ethereum has been behaving like that friend who insists on making the same mistake over and over. Since December 2024, it has resolutely been making lower highs and lows—talk about commitment issues! After stubbornly refusing to leap above the $4,000 resistance, it has joyfully tumbled below the $2,900 mark and lost a hefty chunk of its market capitalization. Good grief!

But wait for it—a big secret: just yesterday, in a surprising turn of events worthy of a rom-com plot twist, Ethereum bounced back from the $2,100 support zone and even bravely surpassed $2,400. Huzzah! However, for Ethereum to truly embrace its bullish side and not just be caught in another bear hug, it really ought to clear that 200-day moving average. Otherwise, this could very well be another cheeky bull-trap. Ugh.

The 4-Hour Chart

On the fabulous 4-hour chart, we see a dramatic V-shaped recovery (no, not that kind of V like in a sitcom). The price leap from yesterday was accompanied by momentum you could almost hear. But, hold your horses! This zone is right back in the testing chamber. If our dear ETH can cling to that $2,400 level like it’s the last lifebuoy on the Titanic, we may start flirting with the $2,700 resistance in the next few days. Fingers crossed!

Sentiment Analysis

By Edris Derakhshi (again, the one brave enough to say it as it is)

Short Liquidations

Okay, let’s chat about those futures traders—bless their optimistic little hearts. While it can take an eternity for them to get too hot and bothered during bull runs, their self-induced meltdowns during crashes are practically instantaneous. And guess what? A slew of traders jumped on the short positions like they were on a trendy new diet. Spoiler alert: it didn’t end well. The cascading short liquidations we saw yesterday were the most dramatic we’ve had in years. Grab the popcorn!

As one would expect in a thrilling twist, the auto closure of these shorts added enough buying pressure to give us a pulse. How exhilarating! Yet, for Ethereum to fully embrace its inner bull, we’ll need to keep this momentum going, folks! Hold on to your hats and your wallets!

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2025-03-03 17:00