😱 Ethereum’s Titanic Moment: Sunk Supply & Unknown Depths Ahead! 😱

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  • Seems like the good ship Ethereum‘s taken on a bit of water—three-quarters of the fleet’s underwater, and the crew’s looking queasy.
  • The buy-side’s got cold feet, leaving our favorite crypto boat adrift in a sea of uncertainty. 🚣‍♂️

Ethereum [ETH] is feeling the squeeze as the crypto tides turn, revealing a rather soggy state of affairs. It’s like the price is caught in a whirlpool under a big ‘ol resistance cliff.

According to the folks at IntoTheBlock, a whopping 73.97% of ETH is now a ‘loss leader’—that’s about 106.75 million coins treading water. Meanwhile, a mere 24.07% of ETH is still afloat in the black.

This picture ain’t just bearish—it’s like watching a sad parade of water-logged investors. Most are anchored to the bottom, hoping for a rescue.

A Market in Chains

About 45% of Ethereum’s supply—66.29 million ETH—bought their tickets to this sinking party between $2,194 and $2,571. And boy, what a cruise it’s been!

This batch, spread across 12.28 million wallets, has an average ticket price of $2,381.85, forming a barrier as strong as the Titanic’s hull. Too bad it’s not as unsinkable.

On the flip side, support’s as sturdy as a paper boat.

Only 2.83 million ETH, or a paltry 1.96% of the fleet, is currently “At the Money.” These lucky ducks bought their tickets between $1,786.34 and $1,791.11, scattered across 95,470 addresses. That’s some thin ice we’re skating on.

With no bold buyers at the $1,789 dock, the price could sail wherever the wind blows. And right now, the wind’s blowing the bears’ way.

The persistent $2,200–$2,580 wall keeps popping up like a bad penny. It’s like the universe’s way of saying, “Not today, Ethereum.”

But is this wall really unbreakable, or just a mirage to spook the horses?

700k ETH Walks the Plank

Ethereum’s Exchange Netflow data, as seen through CryptoQuant’s spyglass, shows a trend of mass desertion.

In February and March, a whopping 300,000 ETH took a dive off the ship. 🤿

Biggest leaps included 400K ETH on the 17th of February and 409K ETH on the 7th of March. These underwater escapes lined up with some steep price dives, suggesting investors were bailing before the ship went down.

While some may be holding their breath for a comeback, the market’s looking more like a ghost town. The inflows? As rare as a sunny day in a submarine.

A 166,065 ETH inflow tried to turn the tide in late January, but it was about as effective as a sponge against a tidal wave.

Sunk Costs and Sinking Hopes

Santiment’s metrics are singing the same salty tune.

Their Network Realized Profit/Loss chart is a sea of red, with losses piling up like a shipwreck. Take the $922.48 million loss on the 3rd of February, or the $788.36 million one on the 7th of March.

Profits? A fleeting memory, like that one sunny day in January. Since then, it’s been all hands on deck, and the deck’s underwater.

This trend of losses fits the picture: most holders are drowning, and analysts are calling it quits. It’s like the whole crew’s jumped ship.

Ethereum’s treading water with nearly 74% of its supply in the deep end, mostly between $2,200 and $2,580.

This zone’s a whirlpool of resistance, strengthened by flimsy support, continued desertions, and a parade of red ink.

While the charts confirm a big, bad barrier, they don’t promise it’ll hold forever. A bold break could still happen with enough muscle and will.

For now, Ethereum’s likely to stay submerged below $2,200, with the surface blocked by a army of sellers and a few scattered buyers.

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2025-03-31 17:18