Oh, look, Ethereum took a little trip southโlike 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. ๐น
With selling pressure increasing, ETH investors might as well start a support group for their wallet’s sob story. ๐
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. ๐ป
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. ๐ญ
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. ๐ข
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. ๐
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. ๐๏ธ
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 partyโor the ETH market. ๐
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!” ๐ข
If that happens, ETH’s price might as well book a one-way ticket to $2,224. Or even lower. Because why not? ๐
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. ๐ค
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2025-02-10 14:35