Ethereum’s Dismal Dance: Will It Plunge to $1.6K? ๐Ÿค”๐Ÿ’ธ

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  • Ah, Ethereum! A creature of such bearish disposition, it seems to revel in its own misfortune.
  • The bears, those relentless purveyors of gloom, have not yet tired of their merry chase, and lo! $1.6K beckons like a siren’s call.

In a most tragic turn of events, Ethereum [ETH] has plummeted by a staggering 11.8% over the past week. Technical analysis, that cruel mistress, reveals that the market bears remain as unyielding as ever. Indeed, the transfers of ETH whales to exchanges only serve to underscore the prevailing sentiment of despair.

As I pen these words, the valiant ETH bulls are valiantly swimming against a tide that seems determined to drown them, with the specter of further losses looming ever larger. ๐Ÿป

Ethereum’s Descent Below the March Support: A Comedy of Errors

Alas! Ethereum’s outlook on the 1-day timeframe is as bleak as a rainy day in London. Once more, it finds itself beneath the 20-day moving average, a place it has called home for most of 2025. The moving averages, those fickle friends, show no signs of relenting in their bearish embrace.

And what of the selling pressure? It has not eased, dear reader, as ETH tumbles below the psychological barrier of $2,000. The OBV, that harbinger of doom, has been making lower highs and lower lows, culminating in a new low on the 30th of March. A downtrend, indeed, is in full swing, and the selling pressure on Ethereum is as steady as a clock. ๐Ÿ•ฐ๏ธ

The support levels of $1,824 and $1,550, relics from the October-November 2023 era, now stand as the next targets for our beleaguered ETH. Having closed a trading session below $1,824, it appears the bears have taken the reins of this unfortunate steed.

On the 4-hour chart, the $1,850 zone, once a bastion of support in mid-March, now serves as a cruel reminder of what once was. The market structure, too, seems to be in a state of disarray. The rally towards $2,128, a grand illusion, faltered at $2,100, while the noble $1,950 higher low was left to fend for itself.

As the OBV continues its relentless descent, the price action on both the daily and 4-hour charts suggests that further losses are not merely possible, but likely. ๐ŸŽญ

The liquidation heatmap, that delightful tapestry of market sentiment, reveals $2,150 as a magnetic zone, a siren’s call that could lure prices higher. Yet, the $1,760-$1,640 area emerges as a liquidity pocket, much closer to the current price, suggesting that Ethereum may indeed plunge towards the fateful $1.6K in the days to come.

In light of the current price action and the prevailing market sentiment, it seems that more losses are not just a possibility, but a foregone conclusion. The long-term downtrend, alas, shows no signs of abating. ๐Ÿฅ€

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2025-04-01 09:14