Ethereum Still ‘Cheap’? 🐉🔥

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Ethereum, that mischievous cryptocurrency, is currently waltzing at a price of $3,900, having sneaked up by a tiny 24-hour gain. But beware! The past week has seen it take a little tumble, like a toddler tripping over its own feet. 🙃

Despite this, the market’s gnomes (a.k.a. watchers) insist the conditions are still favorable, thanks to some mysterious long-term chart magic and the whispers of exchange activity. It’s like a fairy tale, but with numbers. ✨

Ethereum’s Rainbow Chart: A Tale of “Still Cheap”

The Ethereum Rainbow Chart, that sly old trickster, whispers that ETH is still in the “Still Cheap” zone. This is the area where the color is more… well, not red or blue. It’s the “meh” zone, really. 🎨

Merlijn, the trader with a penchant for drama, wrote, “Every major bottom has the color blue. Every top is red… Right now? ETH is still in ‘Still Cheap’ territory.” It’s like the chart is saying, “Don’t panic, dear investor. There’s still room to climb.” 🧙‍♂️

According to the chart’s antics, Ethereum isn’t yet overpriced. It’s like a child who’s been told to stop eating candy-still allowed, but with a warning. 🍬

The Breakout: A Triumph After Two Years of Rejections

Ethereum recently broke free from a stubborn resistance level that had held since November 2021. After being rejected like a bad joke in previous cycles, ETH finally said, “No more!” and climbed above the trendline. Now it’s testing it from above, like a curious cat. 🐱

EtherNasyonaL, the crypto oracle, declared, “$ETH Retest completed, now It’s time to run.” It’s like the market is saying, “Finally, a good day!” 🚀

The move signals the end of a long nap. If the price holds, the chart suggests a possible climb to higher realms. It’s like a rollercoaster that’s just starting to go up. 🎢

Ethereum is trading just below a key level last reached before the 2020 rally. Then, as now, the price stalled at resistance after months of sideways movement. It’s like a broken record, but with more money. 🎶

Exchange Balances: The Great Escape

CryptoQuant reports that ETH reserves on centralized exchanges have dropped to 15.9 million, down from over 20 million in late 2024. The supply is vanishing like magic! 🪄

Despite this, the price has held near recent highs. It’s like the market is saying, “Don’t worry, we’ve got this.” Reduced exchange balances have historically appeared during early stages of accumulation phases. It’s a mystery, but a fun one. 🔍

Short-Term Levels: The Cautionary Tale

In the shorter time frame, analysts are on high alert, like hawks watching for a misstep. Ali Martinez suggests ETH could retreat to $3,700 if it fails to reclaim higher ground. It’s like a game of chess, but with more emojis. 🎲

Ethereum $ETH looks ready to revisit $3,700! – Ali (@ali_charts) October 22, 2025

Ted Pillows added, “Until ETH fully reclaims $4,100 level with strong institutional inflow, I think most pumps will be retraced.” It’s like a warning from a grumpy wizard. 🔮

Lennaert Snyder pointed to $3,740 as a recent bounce zone and marked $4,050 as resistance. Short-term moves remain uncertain, but the broader price structure continues to hold. It’s like a tightrope walker with a safety net. 🎭

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2025-10-23 14:39