😱 Ethereum Plunges: Bears Attack! $2,000 in Jeopardy! 😱

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Well, well, well, what do we have here? Ethereum, that fickle mistress of the digital realm, has taken a tumble like a drunkard on ice, slipping a whopping 13% in just a week. And in the dead of night, no less! Monday’s early Asian hours saw her nosedive to a mere $1,997—a low not seen since the yuletide cheer of December 2023.

With the bears growling and the bulls cowering, it seems this cryptocurrency may soon be dancing on the edge of a cliff, teetering below the critical $2,000 line like a tightrope walker with a sudden case of the shakes.

ETH Holders in a Pickle as Half Find Themselves in the Red

A gander at the ETH/USD chart paints a sorry picture, with the altcoin wallowing below its Ichimoku Cloud since January 25 like a lost soul in a foggy swamp.

As of this writing, the Leading Spans A (green) and B (red) are playing a cruel game of keep-away, forming a resistance barrier above the altcoin’s price at $2,346 and $2,742, respectively. It’s like a pair of mischievous monkeys taunting a poor, hungry lion.

This here Ichimoku Cloud, it’s a fussy thing, tracking momentum and pointing out where the support and resistance levels might be. When the price is above, it’s all sunshine and rainbows. But when it falls below, well, it’s like the sky is falling and Chicken Little was right all along.

And wouldn’t you know it, ETH’s sinking ship has pulled many a holder down with it. According to Glassnode, a whopping 50% of ETH wallet addresses are now in the red, looking at their funds with the same despair as a man watching his horse bet come in last.

That’s right, only half of the ETH holders are swimming in the black sea of profit. It was a cozy 82% at the year’s dawn, but now it’s a different tune, and it ain’t a happy one. The selloffs are like a chain reaction, with traders trying to dump their holdings faster than a hot potato.

If this selling spree keeps up, ETH could find itself in a deeper hole, with the bears roaring and the stop-loss orders tripping over each other in a mad dash to the exits.

Ethereum’s Next Trick: Dive to $1,924 or Soar Past $2,500?

If the selling pressure keeps up its relentless march, that $2,000 support might as well be made of tissue paper. We could be looking at a further slide down the slope to who knows where. The Fibonacci Retracement tool suggests a potential nosedive to $1,924 if the market’s heart grows colder still.

But hold your horses, there’s a glimmer of hope yet! If the market sentiment shifts and the bulls find their courage, ETH could rally to $2,224. And if it flips that resistance into a nice, cozy support, well, it might just soar toward the golden skies of $2,500. 🚀

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2025-03-10 18:35