What a stubborn child this Ethereum has become! Today it finds itself, for the hundredth time this year, lying face-to-face with the immovable block near $1,800. One might imagine it gently knocking on the door, cap in hand, whispering, “Let me in,” while the bearish order block simply yawns and checks its nails. If our hero is sent packing, do not be surprised to find it sulking back below, nursing bruised ambitions.
Technical Analysis
By ShayanMarkets. Or perhaps, by fate. It’s difficult to tell these days.
The Daily Chart
Observe: at $1,500, Ethereum staged a valiant reversal, as though, when pressed against the wall, it suddenly remembered it had unfinished business with destiny. Like an old aunt rising for a third serving of cake, price hustled upwards, clutching at the $1,800 mark—where, alas, a burly order block blocked the way. Should rejection follow (and hasn’t it always?), hope remains for a kindly bull waiting in the fair value gap below, ready to dust off Ethereum’s coat and send it back into the fray.
Meanwhile, the 100-day moving average turns downward around $2,200, beckoning with all the warmth of a Siberian winter. Will anyone visit? Only the bold. 
The 4-Hour Chart
On the 4-hour chart, one can almost hear applause as ETH finally breaks from its gloomy downward channel—trading desks erupt, champagne is uncorked, someone’s dog barks with glee. Rockets up from $1,500 to $1,800, pursued by FOMO and nervous short sellers alike.
At $1,800 lies a resistance zone—a sort of shabby boarding house where both hope and despair have long taken up residence. Should Ethereum break out here, bullish dreams will, for a moment, be allowed to stretch their legs before reality knocks (or tweets) again.
Onchain Analysis
The Open Interest chart, that stern headmaster of market sentiment, reveals all: during good times, ETH and open interest walk hand-in-hand through fields of green, but at the first sign of a correction, open interest flees in terror, taking half your convictions with it.
Recently, open interest tiptoes back up—up to $12B—like a gambler who insists “this time, I’ll win.” This signals speculative courage (or foolishness—the line is thin), as traders eye a possible breakout or, perhaps, prepare for another one of those charming Ethereum nosedives we all secretly love to hate.
Yet, history has taught us: what goes up, gets liquidated. Risk management, like an umbrella in St. Petersburg, never goes out of style.
Ethereum’s price could soar, plummet or—most likely—linger indecisively at the threshold, pondering life, fate, and its own inability to make up its mind. 🙄💸
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2025-05-01 19:26