ETH Under $1,000?! 😱

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Ah, Ethereum, that fickle mistress. She has, once again, found herself wandering back into familiar territory, a multi-year trading range, like a weary traveler returning to a dusty, old inn. Weakness, you see, is her constant companion. No signs of bullish energy, just a slow, melancholic drift. The price, hovering near the midpoint, suggests a full rotation back to the range low. Will it be a glorious bounce? Or a historic, earth-shattering breakdown? The suspense! 😩

Ethereum’s price action (ETH), my friends, is flashing warning signs brighter than a Moscow billboard. After tumbling back into this critical multi-year trading range, it struggles to hold any bullish notions. A textbook bearish pattern, they say. Re-entry, a bearish retest (fancy words!), and now, consolidation at the channel midpoint. Acting as temporary support, you see, but the bigger picture? Overwhelmingly weak, like a samovar that’s lost its steam.

Unless ETH can muster some strength soon – and strength is often in short supply these days – a deeper pullback is likely. The range low support beckons. The last time it danced with this level, a strong expansion followed. But if it fails this time? Below $1,000, a level not seen in recent memory. The horror! The sheer, unadulterated panic! 😨

Key points, for those who haven’t dozed off:

  • Ethereum has, sadly, re-entered a multi-year trading range, confirming a bearish structure. As if we needed confirmation.
  • Price sits at the channel midpoint, struggling to establish support. Like a drunk trying to stand after one too many vodkas.
  • Failure to show strength increases the probability of a move to sub-$1,000 levels. Because, of course, it does. 😒

Since June 2022, Ethereum has, begrudgingly, respected the boundaries of this long-standing trading range. After finding itself back within it, price action confirmed its weakness. A bearish retest, they call it. A slide down to the channel’s midpoint, where ETH now attempts to stabilize. But alas, no meaningful sign of buyers. A fragile bounce, vulnerable to the slightest breeze.

From a technical perspective, a full rotation to the range low makes perfect sense. Completes the range cycle, potentially allowing ETH to establish a reliable base. But if that low support range fails? Ethereum breaks below the critical psychological and historical support level of $1,000. Shockwaves! Market pandemonium! People selling their babushkas for spare change! 💸

Remember, price tends to complete business on both sides of a trading range before initiating a directional move. Right now, the “business” at the lower end hasn’t been completed. Further downside is in play, unless strength emerges fast. Traders, keep a close eye on the range low. Look for bullish reversal structures. Or just close your eyes and hope for the best. 🤷

How to Trade This Setup, if you dare:

Look for signs of strength at the range low. A swing failure pattern, a bullish engulfing. Consider a long setup. But be cautious of sub-$1,000 breakdowns. They invalidate bullish setups, calling for reevaluation of structure and risk. Or maybe just a stiff drink. 🍸

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2025-04-16 00:42