Oh, the grand spectacle that is Ethereum! This once-mighty titan now finds itself in a freefall so dramatic, it would make the finest of tragic poets weep. Lo and behold, our dear ETH has sculpted an inverse cup and handle, a shape so foreboding it could rival the finest gothic architecture, suggesting an impending descent to new depths
For three long weeks, Ethereum (ETH) has experienced a relentless decline, now languishing at its lowest point since January 2020 against the venerable Bitcoin (BTC). The pairing has plummeted to a dismal 0.019, casting it over 80% lower than its euphoric heights of December 2021. How the mighty have fallen!
From the lofty pinnacle of $4,000 just last year, ETH now flounders below $1,500. Its market cap dominance has dwindled like the remnants of a forgotten feast, down 67% from its 2021 heights, inching ever closer to the somber levels last seen in 2022.
The calamity commenced in the fateful month of September 2022, post-The Merge, where Ethereum, in a reckless bid to elevate itself to the ranks of its peers—Solana (SOL) and Avalanche (AVAX)—decided to transition to a proof-of-stake model. A decision that promised elegance but has delivered nothing short of chaos.
Alas, Ethereum now grapples with a myriad of challenges! The nascent spot Ethereum ETFs have ignited nary a spark in Wall Street’s heart, gathering a meager $2.6 billion. With a paltry total of $4.9 billion in assets, it pales in comparison to the $85 billion in Ethereum investment funds, suggesting most investors are still clutching their Bitcoin like a lifeboat in a storm.
But wait! The drama intensifies! Ethereum finds itself beset by its own thriving layer-2 offspring—Base, Arbitrum, Polygon, and Optimism—each seeking to usurp the throne. According to DeFi Llama, decentralized exchanges (DEXs) on Ethereum have shuffled through $57.9 billion in volume, while these Layer 2 upstarts have trumped that with over $35 billion. A veritable farce!
Furthermore, in this tragic farce of follies, Ethereum has become a less lucrative chain in 2024, trailing in fee revenue behind cunning competitors like Tron, Solana, and Jito, as if playing a game of ‘who can lose the least.’
Could Ethereum price plummet to its all-time low? One can only surmise!
Observing the weekly chart resembles watching an epic saga of decline unfold, as ETH descends perpetually against the illustrious Bitcoin. The ominous death cross—a moment when the 50-week and 200-week moving averages intertwine like star-crossed lovers—emerged last May, confirming our present bearish momentum.
Yet, dear reader, the climax approaches! More recently, ETH has conspicuously adopted the inverse cup and handle formation, that delightful harbinger of doom. A rounded top, twinned with a horizontal support, suggests imminent collapse.
As if this were not enough, the Average Directional Index, that most insightful of indicators, has surged to 44, indicating that the current downward spiral is becoming more invigorated by the minute! With the depth of the cup as our guide, technical projections suggest ETH may plummet to a mere 0.0025 in the ETH/BTC pairing—a descent to the depths of despair!
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2025-04-09 17:18