Ethereum Doomed?! 😱
Ethereum’s native token, Ether (ETH), has been acting like a drama queen, dipping into oversold territory against Bitcoin (BTC) more times than a bad rom-com. But this ain’t no Hollywood ending, folks. This altcoin is still stuck in a downward spiral, like a bad penny that keeps turning up. The situation is basically deja vu, with ETH repeating the same tired dance it pulled last time. Get ready for more drama in Q2 to Q3 this year. 🤪
ETH’s Repeat Breakdowns: More Downward Drama
The relative strength index (RSI) on ETH’s 3-day timeframe is hanging out below 30, which usually means a bounce is coming.
But history says, “Nah, not this time.” Every dip into oversold conditions has been followed by another leg down, proving that the bears are in charge. 🐻
Since mid-2024, the ETH/BTC pair has been breaking down like a bad stand-up routine, with losses of around 13%, 21%, 25%, and 19.5% happening one after the other. And those 50-day and 200-day EMAs are trending lower, confirming we’re not in a bull market, folks.
X-based market analyst @CarpeNoctom pointed out ETH’s downward spiral, noting that the ETH/BTC pair failed to confirm a bullish divergence—when the price makes lower lows but the RSI makes higher lows—on its weekly chart. Talk about a lack of mojo! 😩
ETH ETF Outflows and On-Chain Data: More Bad News for ETH
This “cursed” ETH/BTC downtrend is like a bad breakup, standing out when compared to the rest of the crypto market. We’re seeing persistent outflows from US-based spot ETH ETFs, and the on-chain data isn’t looking good either. 😔
The net flows into the spot Ether ETFs have dropped 9.8% in March to $2.54 billion. Meanwhile, spot Bitcoin ETF net flows are only down 2.35% in the same period to $35.74 billion. Yikes! 😬
And get this: Ethereum’s gas fees, measured by daily median gas consumption on mainnet, were sitting around 1.12 GWEI as of March. That’s almost 50 times lower than what they were just a year ago! 🤯
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2025-03-18 21:42