This could be a reallocation and not a distribution, a rearrangement of the ledger rather than a victory march to oblivion. A tired AMBCrypto report stares at the Value Days Destroyed metric to illuminate the point. Meanwhile the network’s hashrate growth stalls, for Bitcoin trades below the miners’ breakeven cost of $95k-$96k, as if the engines of industry have paused for a smoke and a sigh.
At the center of this circus? Ethereum, the Beyoncé of altcoins, always leading the dance. But wait-other cryptocurrencies are showing up to the party with their own moves, which means this altcoin season might be less “Ethereum’s solo” and more “group choreography gone wild.” 💃🕺
In this macabre waltz of a 6-hour chart, the price pirouettes at $0.119, trapped in a gilded cage of downward momentum. The upper resistance, a haughty aristocrat at $0.130-$0.135, scoffs at the token’s feeble attempts to ascend, as if mocking its lack of ambition. 🎭
This comes as Congress tries to pretend they’re not all secretly HODLers. The timing? Suspicious. The subcommittee’s job? Pretending to regulate crypto. The result? A market on edge, waiting for the next regulatory fireworks 🧨.
A Comedy of Errors
In a rather emphatic flourish, Trump has firmly squashed rumors of pardons for a number of high-profile personalities, including our beleaguered friend Sam Bankman-Fried, who, following the spectacular collapse of FTX, did find himself on the receiving end of a conviction in 2023. One can only wonder what kind of tea he was brewing while all this unfolded.
Now, let’s talk about the Wyckoff Accumulation Schematic. Sounds fancy, doesn’t it? According to a monthly chart shared by Bitcoin-sensus (yes, I’m serious), Ethereum appears to be in the final act of this unfolding drama, transitioning from Phase C to Phase D. The recent bounce from what they call the Last Point of Support (LPS)-which sounds like a wannabe rock band-suggests that demand is strutting back into town.
Over the last 24 hours, ETH price faced strong selling pressure. Data from Coinglass reveals that ETH faced around $42 million worth of liquidations in the past 24 hours. Of this, buyers liquidated nearly $26.5 million worth of positions. But don’t worry, the buyers are just getting started. 🚀
Behold, the noble SHIB, rising by a modest 1.05% in the last 24 hours-a triumph as subtle as a whisper in a hurricane. 🌪️🐕
On the daily chart, ETH has clawed its way above the broad descending channel, a desperate climb up a hill of dust and doubt. After a fierce bounce from the green demand zone near $2,600 in mid-December, the price dared to reclaim the $3,000 mark, a beacon for the brave. But the rally faltered, just short of the $3,500 resistance band, a cruel mistress that has long held sway over this land. The RSI, once a roaring fire, now flickers low, a warning that the flames may soon die.
