😱 Ethereum Meltdown: Holders Feel the Burn! 😱

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Oh, look, Ethereum took a little trip south—like 18% south. ETH holders are probably using their coins as ice cubes to chill their drinks, considering the profits are at a 4-month low. 🍹

With selling pressure increasing, ETH investors might as well start a support group for their wallet’s sob story. 🙄

ETH’s Value: Down the Drain?

ETH’s price took a swan dive below the $3,000 support level. Now it’s lounging at $2,640, feeling the squeeze from Mr. Bear Market. 🐻

According to Glassnode, the percentage of ETH in the black has tanked since October. Only 64.19% of ETH is still profitable. That’s like saying only 48 million out of 121 million ETH aren’t crying into their crypto wallets. 😭

Flashback to January 1st, 83% of ETH was chilling in the profit zone. Now, it’s more like the ‘loss’ zone. Market price? More like market ‘cry’ session. 😢

This kind of slide usually means investors are as confident as a cat in a room full of rocking chairs. Downside risks? More like ‘drown-side’ risks. 🌊

And if that wasn’t enough, ETH’s open interest has taken a nosedive too. It’s down 31% since February began. Market participation? More like market desertion. 🏜️

Open interest is like the number of people at a party. When it drops, it’s like everyone’s leaving early. Not a good sign for the party—or the ETH market. 🎉

ETH’s Future: To $2,224 or $2,811?

On the daily chart, ETH is hanging by a thread at the bottom of its descending channel. If the selling picks up, it’s like ETH’s saying, “Adios, support level!” 🎢

If that happens, ETH’s price might as well book a one-way ticket to $2,224. Or even lower. Because why not? 📉

But hey, if the market decides to play nice, ETH could make a comeback. In which case, it might just high-five $2,811. Fingers crossed. 🤞

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2025-02-10 14:35