Ethereum’s $1100 Plunge? Could Be the Drama of the Year! 😅

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Our dear old Ethereum, bless its bloated heart, is languishing in a market so sleepy you’d think it had just finished a twelve-course dinner and settled in for a nice nap. The price, as lively as a damp mop, is hardly moving – quite the gloomy harbinger for the bulls.

Such sluggishness practically sends out an invitation to sellers to pirouette Ethereum beneath the sacred $1,500 threshold – a level cherished like Aunt Agatha’s silver teapot – in the coming weeks. One shudders to imagine the uproar.

Technical Analysis (By Shayan, our brave scout)

The Daily Chart

Picture Ethereum perched precariously just above that psychological and structural fortress known as $1,500, a sentinel holding firm since January of last year. Yet, the market’s more stagnant than a bathtub left out in the midsummer sun. The price flutters sideways like a confused bumblebee in a greenhouse of indecision, with nary a hint of who will blink first: buyer or seller.

Such a state usually forecasts a tempest, as forces gather like a herd of disgruntled cattle waiting to charge. The bears currently have the sartorial elegance of a dowager duchess in a bad mood. Should they muster enough gumption to push beneath $1,500, we may witness a domino effect plunging the price toward the dismal plains of $1,100.

But don’t hang your bowler hat just yet. There’s a slim chance Ethereum might pirouette upwards to flirt with the $1,800 resistance, before the sellers renew their assault. The next few days will be as thrilling as a cricket match in a thunderstorm – suspenseful and utterly unpredictable.

The 4-Hour Chart

Zoom in to the 4-hour window and Ethereum looks like a squirrel caught between two trees, trapped between $1,500 on one branch and the descending channel’s $1,600 on the other. Neither buyers nor sellers dare to make the first move, as if terrified of spoiling the party.

Should Ethereum break past $1,600, a short-lived spring back to $1,800 could provide some comic relief. But a tumble below $1,500 would have all the grace of a barmaid slipping on a banana peel, plunging prices toward the somber depths of $1,100.

Ethereum 4-Hour Chart

Onchain Shenanigans

Also by Shayan

Now, cast your gaze upon the funding rates – the market’s equivalent of a nosy but insightful aunt keeping tabs on everyone’s dinner gossip. These rates have been copying the choreography of last year’s September to November drama, a time of grim consolidation and grand corrections, which, like all good melodramas, ended with a dazzling bullish revival.

This suggests the “smart money” types are quietly scooping up bargains while the panicked retail crowd throws their hats in the air. Funding rates hover near zero, consolidating like a cat considering whether to pounce – likely signaling another round of accumulation.

Yet, minds sharpened by experience caution that the price might dip a tad further before the curtain rises on the next act of this grand theatre. For the long-term investors, this might be just the sort of tantalizing clearance sale one dreams about.

Ethereum Funding Rates

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2025-04-20 21:26