Oh, what an intricate ballet of doom has unfolded for Ethereum as it pirouetted into the ungainly arms of a key support level this fine Monday. You could almost hear the gasps from crypto-enthusiasts as this digital diva flopped, nixing the bullish fanfare and gearing up for an encore of slumps.
Indeed, the mighty Ethereum (ETH) descended ungracefully to a mere $2,146, its faintest whisper since August last year. A fall from grace, a 40% nosedive from December’s high! Talk about gravity, right? 🚀➡️🌍
Ethereum Price Invalidates Inverse H&S Pattern – Drama Unfolds!
Behold the weekly chart, the oracle of financial narratives. Two patterns did it bestow upon us: a triple-top tease just shy of $4,000 and an inverse head and shoulders (H&S) illusion. But alas, piercing that triple-top ceiling was like asking a cat to take a bath.
This triple-top, malevolent and wicked, is your classic bear-signal, heralding further gloom and doom. Ethereum’s dalliance with the neckline at $2,146 has it trembling like a too-bold mouse. 🐭💣
Ever the drama queen, Ethereum flirted with an inverse head and shoulders pattern, neck at a hopeful $4,000, shoulders somewhere over $2,830, and a resounding head plunging to around $2,145. This fanciful yet futile pattern invalidated when it slipped below the left shoulder.
Now, with the triple-top specter looming, Ethereum’s journey looks set to plummet towards critical support at $1,520. Only a Herculean rally above $4,000 might salvage its waning glory. 🎭
ETH Network in Disarray: The Plot Thickens!
The price tribulations resonate with the discord within the Ethereum network. Data from TokenTerminal adds insult to injury, revealing Ethereum’s dethroning as the reigning profit king of blockchain networks. Royalty in ruins with merely $155 million in fees, while Circle, Solana, Tron, Jito, and Tether dance a victory jig with millions more. 💸👑🔄
The once-unbeatable decentralized exchange Titan processed a ‘mere’ $20 billion in transactions over the past week—lagging behind BNB Chain’s $25.7 billion and Solana’s grand $42 billion adventure. Tron (TRX) likewise trounced Ethereum for stablecoin transaction supremacy. Cheap tickets sold faster, I suppose. 🎟️
Adding to the indignation, Ethereum’s spot exchange-traded funds were welcomed on Wall Street with all the warmth reserved for a porcupine at a balloon party, collecting just $2.76 billion since last September. Meanwhile, Bitcoin blithely bagged over $40 billion. To be or not to ETH—indeed. 🎈➡️🌵
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2025-02-03 17:54