🚀 Ethereum’s $3,170 Ceiling: Will It Break or Stay a Stubborn Wall? 🧱

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Ah, Ethereum, the plucky underdog of the crypto world, currently sporting a fetching shade of red at $3,013, down 1.8%. Meanwhile, Bitcoin sits there, smugly green, like a wizard who’s just found his staff. 🧙♂️ Ethereum’s down 23% this month-because why not? It’s not like it has anything better to do. 🤷♂️

There’s a fresh reversal attempt on the chart, but let’s be honest, it’s about as reliable as a troll’s promise. It’s failed once already, and unless $3,170 finally cracks, it’ll fail again. Because, you know, why make things easy? 😅

RSI Whispers Bullish Secrets, but History Laughs in Its Face 😂

Behold, a bullish divergence between Nov. 4 and Nov. 19! The price made a lower low, but the RSI-that fickle momentum indicator-made a higher low. Divergences like this are like a wizard’s prophecy: often right, but just as often ignored. 🧙‍♂️✨

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But wait! Ethereum tried this trick before, from Nov. 4 to Nov. 17, and it still faceplanted. Both attempts hit the same brick wall: $3,170. The chart’s waving a flag, but the structure’s giving it the side-eye. 🏳️♂️

Reversal Fails Again? Selling Pressure and a Supply Wall to Blame 🧱💨

Long-term holders are sitting this bounce out. The Hodler Net Position Change is negative-because who doesn’t love a good sell-off? On Nov. 18, they were net-negative by 524,819 ETH, but by Nov. 19, it jumped to 583,171 ETH. That’s 58,352 ETH ($175 million) into the sell pile in 24 hours. 🤑

Until this shifts, any RSI-based reversal is about as stable as a one-legged stool. 🪑

The cost-basis heatmap-that fancy indicator-shows a supply cluster between $3,150 and $3,170, holding 2.69 million ETH. This orange zone has rejected every attempt to move higher, like a bouncer at an exclusive club. 🚫♂️

With long-term holders selling and a supply wall thicker than a dwarf’s beard, Ethereum’s reversal setup keeps getting squashed. 🧔

Ethereum Stuck in a Downward Channel-Unless $3,170 Breaks 🛤️

Ethereum’s trading in a descending channel, with the 0.382 Fibonacci level at $3,170 lining up perfectly with the resistance cluster. So, $3,170 isn’t just a number-it’s the boss level of this trend. 🎮

Unless Ethereum closes above $3,170, every bounce is just a temporary dance. And if it fails to hold $3,056, it might slide to the channel’s lower boundary. Because why not add a bit more drama? 🎭

If the breakout happens, the next target is $3,656-the upper Fibonacci zone where momentum can reset. Until then, it’s a waiting game. Or, as they say in Ankh-Morpork, “Patience, dear wizard, patience.” 🧙♂️

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2025-11-20 17:37