Ethereum, the cryptocurrency that’s as reliable as a broken toaster, is currently playing a game of “will it or won’t it” with its price. After a sharp rejection near the $4,500 resistance zone, it’s basically doing a TikTok dance of indecision. The bulls are trying to hold onto their dignity, while the market is more defensive than a librarian at a punk rock concert. Macro support zones are still standing, but the bullish momentum? It’s about as lively as a zombie at a party. 🧟♀️
Technical Analysis
By Shayan, because someone has to be the voice of reason in this chaos.
The Daily Chart
Ethereum has broken below its ascending parallel channel, which is basically the crypto equivalent of tripping over your own feet. The asset is now hovering just above the $3,500 support zone, like it’s afraid to commit. The RSI is stuck below 50, which is as exciting as watching paint dry. If the buyers can’t protect this area, expect a descent toward the $3,200 level-because nothing says “confidence” like a 200-day moving average. 🧠
The RSI is also stuck below 50, suggesting that strength is still lacking. If the buyers fail to protect this area, a move toward the 200-day moving average around $3,200 level, and even the $3,000 demand zone is likely.
The 4-Hour Chart
On the 4-hour timeframe, ETH has formed a symmetrical triangle right below the key supply zone around $4,200. This is basically a crypto trap set by a mischievous gremlin. The asset has broken below the triangle and is testing its lower bound again. Breakouts from this pattern typically lead to volatility spikes, especially if the price gets rejected from the lower trendline of the channel. 🕳️
A break back above $4,000 could push the price toward the $4,600 resistance, while a breakdown would bring the $3,500 level into play. Moreover, the RSI is recovering slightly but hasn’t signalled a strong breakout yet, keeping the short-term outlook neutral. 🚨
On-Chain Analysis
Exchange Netflow
Ethereum’s netflow data paints a cautious picture. The majority of days over the last few weeks have shown strong outflows from exchanges, suggesting holders prefer to keep ETH in private wallets rather than preparing to sell. It’s like they’re hoarding ETH like it’s the last slice of pizza. 🍕
However, this hasn’t translated into strong price continuation yet, implying accumulation may be happening during consolidation. As long as the outflows continue and panic inflows don’t spike, downside pressure remains limited. 💸
Read More
- Gold Rate Forecast
- FET PREDICTION. FET cryptocurrency
- EUR VND PREDICTION
- Brent Oil Forecast
- Mysterious Forces Ignite Cardano: Bitcoin Bridges, ETF Rumors & the Crypto Peasant Rebellion
- Silver Rate Forecast
- UK Crypto Craze: ETF Avalanche Hits London! 😏📈
- Bitcoin’s Decline Continues: Investors Hold Their Breath as Price Stagnates!
- Coinbase Tells U.S. to Get with the Times and Use Blockchain to Fight Crypto Crime
- Scandal and Speculation! Trump’s Blue Chip Folly Sends Cronos Tumbling and Tumultuous
2025-10-23 14:51