In the grand theatre of finance, Ethereum‘s performance has been somewhat lacklustre, tethered to the $2,000 mark like a reluctant debutante. The Pectra network upgrade, a plot twist as convoluted as a Dickens novel, has cast a shadow over the stage, even as the US CPI Inflation data attempts to steal the spotlight with its optimistic script. Bullish traders, ever hopeful, cluster like moths to a flame, ready to stabilise ETH above the $2,000 level. 🐝📈
Ethereum (ETH): The Underperformer in a Market-wide Recovery Rally 🏃♂️🔄
Amidst a recovery phase that saw Bitcoin ascend to the heavens and XRP make a triumphant return, Ethereum played the role of the wallflower, failing to muster any upward momentum. The Pectra upgrade and a leadership shuffle at the Ethereum Foundation have left the network with more questions than answers, much like a student in a philosophy class. 🤔💡
Despite the US CPI report offering a glimmer of hope, Ethereum’s price remained stubbornly below $2,000, like a child refusing to eat their vegetables. Top altcoins like Chainlink, Hedera, and SUI, meanwhile, raced ahead like thoroughbreds at Ascot. 🏇💰
As we speak, ETH trades at $1,887, down 4%, much to the chagrin of the bulls who had hoped for better fortune. But fear not, dear reader, for there is more drama to come. 🎭…
US Reps Vote to End Crypto Tax From IRS: A Plot Twist Fit for a Soap Opera 📺📺
The US House of Representatives, in a dramatic turn of events, has voted to repeal an IRS rule that required DeFi brokers to report user transactions akin to traditional securities brokers. The rule, a brainchild of the Biden administration, aimed to tighten the tax net but faced fierce opposition from lawmakers who feared it would stifle crypto innovation and drive companies overseas like a flock of migrating geese. 🦆…
With the backing of Rep. Mike Carey and Sen. Ted Cruz, the bill gained momentum in both chambers of Congress, much like a snowball rolling downhill. Supporters argue that scrapping the reporting requirement will create a more favourable regulatory climate for the cryptocurrency sector, akin to opening the windows on a stuffy room. 🌬️…
Should President Donald Trump give his royal assent, this move could prove bullish for ETH, much like a shot of adrenaline for a tired athlete. It could boost the appeal of DeFi services built on the Ethereum network, much like a fresh coat of paint on an old house. 🎨🏠
ETH Traders Form Major Support Cluster at $1,825: A Battle Royale of Bulls vs. Bears 🐂🫂🐻
ETH has struggled to break free from the $2,000 mark, much like a prisoner trying to escape from jail. However, recent movements in derivatives market positions suggest ETH traders are preparing for a bullish counterattack, like a knight donning his armour. 🛡️…
Coinglass’ Liquidation Map reveals that bulls have deployed $753 million in leverage on ETH long positions, narrowly outpacing the $744 million leveraged on short positions. This reflects a consensus among short-term traders that Ethereum’s price is poised for an upward swing, like a pendulum reaching the peak of its arc. ⚖️…
Although ETH has dipped 3% in the last 48 hours, the fact that long leverage exceeds shorts after a prolonged bearish period is often a sign of an impending bullish reversal, like a rainbow after a storm. 🌈…
ETH Price Forecast: $2,500 Rebound Hopes Alive If $1,825 Support Holds 📈…
Ethereum’s price forecast remains uncertain, like a weather vane in a gale. The daily chart reveals a persistent downtrend, much like a river flowing downstream. The 5-day, 8-day, and 13-day Super SMAs slope downward, reinforcing bearish control like a strict schoolteacher. 📉…
The Bull-Bear Power (BBP) indicator at -393.47 highlights extreme selling pressure, confirming a sustained bearish trend. However, if the $1,825 support level holds, a rebound could trigger a relief rally toward the $2,018 and $2,111 resistance areas, much like a phoenix rising from the ashes. 🤩…
On the downside, continued rejection below the short-term moving averages would embolden sellers, increasing the risk of a liquidity sweep toward $1,750. Meanwhile, rising long leverage suggests that traders are positioning for a bullish reversal, like a gambler placing a bet. 🎲…
If leveraged longs outpace shorts, Ethereum could witness short-covering momentum, accelerating a recovery above $2,000 and keeping hopes of a $2,500 rebound alive, like a dream that refuses to die. 💪…
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2025-03-13 07:36