Ethereum Bulls Get Wrecked at 0.618 Fib—Next Stop: Bargain Basement or Plot Twist?

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It was a funny thing, the way Ethereum came up against that 0.618 Fibonacci and just plain old bounced right off, like a drunk at closing time bucking up against the locked door of the last saloon in town. The traders stood around, thumbs hooked in suspender straps, eyes squinted at the flashing numbers—wondering if this was the moment the market gave them a punchline or left them holding the bag (again).

Ethereum, or as Old Tom from down by the river called it, “that digital snake oil,” found itself staring down a whole bunch of trouble where the numbers gathered. There was the 0.618 Fib, sure, but also a gang of daily resistance and the VWAP riding lower by the hour, like rain clouds over the Salinas valley. Each time the price tried making a run for it, something—maybe Fate, maybe sheer sell pressure, maybe the ghosts of failed ICOs—smacked it back down beneath the so-called point of control. (Call it poetic, call it cruel—either way, you ain’t getting a medal for guessing what happened next.)

Key technical points

  • Major Resistance Cluster: Picture the 0.618 Fib holding hands with daily resistance and a grumpy old VWAP. That’s one ceiling you ain’t painting through.
  • Loss of POC: Sellers strutted in to claim the place like hungry coyotes at a chicken coop. Short-term optimism slipped out the back door.
  • Bearish Structure Building: Lower highs, stagnant breakouts—the whole thing smells like a slow-motion train wreck heading toward $1,540 (give or take, depending on how much you like round numbers).

Detailed analysis

You could feel the nervous fidgeting in the air after each higher impulse retraced and sputtered beneath resistance. That Fib retracement—revered like some folks revere horoscope readings—made for a fine place to set up a bear trap or a picnic, depending on your optimism. But gravity’s a law, and so is trader psychology: each attempt to scale the mountain fizzled, with price slipping back under the point of control as if ETH had suddenly remembered an important appointment somewhere lower.

When price noses under the highest-volume node, it’s a sign—like the grocery store running out of saltines when a storm’s coming. Most won’t say it out loud, but they’re waiting for the cascade, for the shaking out, maybe for sweatier handshakes as ETH looks for “value” (a word here meaning “cheaper plus regrets”) somewhere closer to $1,540.


The charts aren’t subtle: Ethereum is stringing together a pattern of lower highs, like a farmer patching a fence with increasingly desperate materials. Price keeps poking at old inefficiencies and unfilled fair value gaps, as if haunted by decisions not made. Should the local swing low roll over, don’t act surprised when things slide another ten percent—unless, of course, Ethereum decides to pull a fast one and shake all this off like a dog after a rainstorm. Stranger things have happened—and sometimes a fakeout is just a fakeout, no matter how many indicators say otherwise. 🧑‍🌾

What to expect in the coming price action

If Ethereum can’t climb back above that combative confluence, it’ll likely take the elevator down to $1,540—no tip for the bellhop. But if buyers stir from their slumber and muscle it over the POC, well, maybe we’ll get one of those classic fakeouts, where everyone hedges, groans, and realizes the market just punked the lot of them again. Until then, keep your boots muddy and your charts close. 🤠

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2025-05-07 04:42