Ethereum’s Rollercoaster: Will It Plunge or Soar? 🎢💸

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In the grand theater of cryptocurrency, where fortunes are made and lost with the flick of a digital switch, Ethereum (ETH) finds itself in a rather precarious position. A staggering 17% drop in the past month has left it languishing below the $1,850 mark, like a forgotten relic in a dusty attic. An analyst, with the gravitas of a soothsayer, warns that if Ethereum does not reclaim its key resistance levels, it risks plummeting to depths not seen in 17 months. Oh, the drama!

Ethereum’s Descent to $1,550: A Comedy of Errors

For two long days, Ethereum has been trapped beneath a crucial support zone, flitting between $1,750 and $1,840, much like a moth drawn to a flame, yet unable to muster the courage to break the $1,900 barrier. The second-largest cryptocurrency, once a titan of the market, has lost its 15-month range, tumbling below $2,100 for the first time since the winter of 2023. A tragic fall from grace, indeed!

Since this fateful descent, Ethereum has been on a downward spiral, experiencing its worst performance in seven years. It has now recorded a negative monthly close for four consecutive months—truly a feat worthy of a standing ovation, if only for the sheer audacity of it all. Analyst Rekt Capital, with a flair for the dramatic, has pointed out that this performance validates Ethereum’s double top formation, a pattern as ominous as it sounds, nestled within its $2,196-$3,904 Macro Range.

Having broken free from this range, Ethereum now finds itself ensnared in a historical liquidity pool, oscillating between $1,640 and $1,930. The analyst ominously notes that it has effectively positioned itself for a bearish retest of the range’s upper limits, which could transform this level into a new resistance. Ah, the irony!

As the analyst elaborates, turning this level into resistance has historically led to a drop into the lower zones of the current range. In layman’s terms, if the red level becomes resistance (cue the ominous music), we might just witness a descent into the depths of despair at the bottom of the light blue historical demand area. How delightful!

Thus, Ethereum must reclaim the pinnacle of this demand area to even dream of challenging the old Macro Range Low of $2,196. Meanwhile, a rejection from the $1,930 mark—an elusive target it has failed to grasp over the past week—would see ETH plummeting by 15% to the $1,550 abyss. What a thrilling ride!

Is a 20% Rally on the Horizon? Or Just Wishful Thinking?

Rekt Capital also notes that since June 2023, ETH’s Dominance has plummeted from 20% to a mere 8%. Historically, this has been a reverse area for the cryptocurrency, akin to a plot twist in a gripping novel. When Ethereum’s Dominance touched the $7.5%-8.25% range, it reversed to reclaim its market dominance, which could signal a potential comeback for the King of Altcoins. Or not. Who knows?

Several analysts, with their crystal balls, suggest that the key levels to watch are the $1,750 support and the $2,100 resistance. A break above or below these levels will determine ETH’s next significant move—like a game of chess, but with far more at stake.

Analyst Sjuul from AltCryptoGems has even suggested that Ethereum could be eyeing a 20% rally based on a Power of 3 setup in ETH’s lower timeframe chart. The cryptocurrency has been in an accumulation phase after dropping below the $2,150 support, hovering within the $1,840 and $2,100 levels since March 10. A classic case of “will it, won’t it?”

After dipping below the $1,840 mark, the cryptocurrency has entered a manipulation phase, as the chart ominously indicates. This could trigger a push to the $2,150 resistance if ETH breaks out and begins the distribution phase. The suspense is palpable!

As of this moment, Ethereum trades at $1,808, a modest 2.2% surge in the daily timeframe. Will it rise like a phoenix from the ashes, or will it continue its tragic descent? Only time will tell!

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2025-04-05 11:12