Ethereum clings desperately beneath the $1,590 plateau this Friday, like a weary prisoner at the threshold of elusive freedom—$1,600. Could the bullish whispers across the derivatives trenches spark a breakout, or is this but another mirage in the merciless desert of crypto?
Ethereum (ETH) Shudders Beneath the $1,600 Line as the Sell-Off Breathes But Barely
Like a man staggered by fate’s cruel twists, Ethereum faltered early in the week. Traders, less loyal than a pack of stray dogs, abandoned ETH for the siren calls of Solana and Hedera, those bright shiny altcoins. The repeal of Biden’s tax-reporting edicts by Trump sent tremors through the DeFi jungles while Ethereum’s privileged status, granted by its 2024 ETFs blessing, kept it hovering—but hardly soaring.
Yet, the frenzy of selling has cooled like a weak tea left too long in the cold. Since Monday’s tumble below $1,600, ETH found a reluctant foothold near $1,590. Coinkeco’s silent watch reports $1,593 at press time—a modest 0.5% gain in 24 hours—as traders tread water, hoping the tide will carry them somewhere profitable.
This fragile calm suggests that the selling mania may be sputtering out. The shrewd, those who dance on the edge of peril, see the bottom whispering—”Come back, take your chances.”
Derivatives Gossip: Long Bias Creeps Back Despite Volume Shrinking Like Hope at Tax Time
The derivatives market murmurs hints of a local bottom amidst drops and whispers. Coinglass reveals, despite a staggering -40.27% plunge in trade volume, open interest nudged up +1.63% to a total of $18.01 billion. Not new wagers but the stubborn clutching of existing positions—a Macedonian phalanx holding a shaky line.
Options traders have gone quiet, volume down -30.11% and open interest slipping -8.49%. It’s like waiting for a verdict in a courtroom where the jury is undecided but leaning towards keep watching. But on the big amphitheater stages, Binance and OKX, the long/short ratio screams bullish—with ratios: 2.7202 on Binance accounts, 2.5 on OKX, and top Binance players showing their cards at 3.3422 and 1.893. The smart money seems willing to bet the upside, mocking the harried bears caught napping.
- Binance ETH/USDT long/short ratio (accounts): 2.7202
- OKX ETH ratio: 2.5
- Top Binance traders (accounts): 3.3422 long/short ratio
- Top Binance traders (positions): 1.893
Liquidation tales provide their own drama: $12 million in positions vaporized over 24 hours—$9.6M longs punished, $2.4M shorts whimpered. Bears bitten by the late rally, their claws too slow to tear. The twelve-hour snapshot tells a similar story: $4.98M long liquidations to $1.93M shorts. Perhaps greedy longs paid their dues early, resetting the stage for a steadier ascent.
The coming two days hold the verdict. If these derivatives battalions hold the line and spot demand clings despite bruises around $1,590, then the $1,600 barrier might shatter, like glass under a freight train.
Ethereum’s Crystal Ball: Eyes on $1,667 as the Siege Tightens and RSI Slinks
Today, Ethereum’s fate tiptoes on the edge of cautious optimism, huddled near $1,593. Like a coiled spring in Bollinger Bands narrowing, the lurking storm of volatility waits.
ETH wallows between $1,420 and $1,667—in a range bound by invisible chains. Thursday’s close perched just above the humble 20-day moving average, the Bollinger midpoint’s twin. Bulls cradle this fragile hint, a lighthouse on a foggy night.
The Relative Strength Index, that fickle oracle, flirts with 40.42, barely above the grim 36.39 threshold. A technically bearish drape, yet its flattening curve suggests the selling wolves may be growing weary. No fresh lows dare to show themselves; perhaps the market’s breath has stilled.
A daily close vaulting above $1,667 could shatter the coil, freeing ETH toward dreams of $1,913. But slip below $1,420, and a slide towards $1,300 awaits—an icy pit of despair. Market whispers of rising volume delta hint at secret hoarding, the quiet accumulation before the upward roar. 🦸♂️
Read More
- Margaret Qualley Set to Transform as Rogue in Marvel’s X-Men Reboot?
- DC: Dark Legion The Bleed & Hypertime Tracker Schedule
- Clair Obscur: Expedition 33 ending explained – Who should you side with?
- To Be Hero X: Everything You Need To Know About The Upcoming Anime
- Oblivion Remastered: How to get and cure Vampirism
- Does Oblivion Remastered have mod support?
- Netflix’s ‘You’ Season 5 Release Update Has Fans Worried
- DODO PREDICTION. DODO cryptocurrency
- Kingdom Come Deliverance 2: Top 5 Best Bows & Arrows
- Top Potential TGEs To Watch Out For in Q1 2025
2025-04-18 23:01