Oh, dear Ethereum! It just can’t seem to catch a break. After being brutally rejected at the mighty $2,100 mark, it’s now tumbling down faster than a clumsy elephant on a slippery slide, breaking below support levels and testing some seriously scary demand zones. Poor ETH! 😬
Technical Analysis
By Edris Derakhshi
The Daily Chart
On the daily chart, ETH’s tale is one of woe. It’s stuck in a bearish spiral, printing lower highs and lower lows like there’s no tomorrow. The rejection at the $2,200 region and its sad tumble below $1,900 have pushed the price toward the next pit stop, the ominous $1,600. What’s next? A free fall to the moon? (Well, not really… just a big ol’ downtrend!)
The 200-day moving average is sitting way up there, like an uninterested grandparent watching a boring movie. It’s barely even acknowledging ETH’s sad little performance. The RSI is hanging out in oversold territory, but don’t get excited – there’s no sign of a magical reversal coming anytime soon. Unless ETH suddenly pulls a rabbit out of its hat and reclaims $2,200 with a flurry of action, we’re stuck on this downward slide. Yikes! 🐇
The 4-Hour Chart
Now, on the 4-hour chart, ETH is showing the same signs of struggle. The price just couldn’t hold up above $1,900, which once acted as a solid support – but alas, no more. It’s now grinding its way to $1,800, probably wondering where it all went wrong. The rejection at $2,100 was like a slap in the face, and then came the quick sell-off – a swift kick to the poor thing’s fragile ego. 😤
The RSI is chilling in deep oversold territory, looking rather lonely, but with no sign of any enthusiastic buyers. If there’s any hope of a bounce, it’s probably going to be capped at $1,900. Unless, of course, some heroic buyers decide to swoop in with a cape and save the day. But right now? Not looking promising.
Sentiment Analysis
By Edris Derakhshi (TradingRage)
Funding Rates
Oh, the dreaded funding rates! Ethereum’s funding rates on major exchanges have flipped to neutral or even slightly negative. Sounds like traders are getting tired of the rollercoaster ride and just want to get off. Everyone’s becoming more defensive, like someone who’s been burned by too many failed attempts to catch a falling knife. So, are we in for a cooldown? Or are we just on the way down further? ⬇️
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2025-03-31 16:04