Ethereum’s Epic Plunge: Why ETH is Headed for a $1000 Faceplant! 😂💥

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Well, folks, grab your popcorn! Ethereum‘s price is in its third week of looking like a sad puppy in the rain while investors are playing hide and seek on the sidelines. 🎭

This week, Ethereum (ETH) is trading at a jaw-dropping $1,758! That’s lower than my grandma’s expectations for my love life! It’s taken a nosedive of over 55% since its high-flying days in November last year. 🥴

So, why the crash? Well, it seems our dear friend Ether has been experiencing some serious outflows from Spot Ethereum ETFs. Wall Street investors are waving goodbye like they just saw a bad movie. In the last three weeks alone, we’re talking over $513 million in outflows! That’s enough to buy a small island… or at least a really nice yacht! 🛥️

And guess what? Ethereum is losing its crown in the crypto kingdom! It’s no longer the top dog in stablecoin processing and decentralized exchanges. Tron (TRX) is now the big cheese for Tether processing, while layer-2 networks like Base and Arbitrum are stealing the spotlight. Talk about a plot twist! 🎬

But wait, there’s more! Ethereum is no longer the cash cow of the crypto world. This year, it’s raked in a measly $210 million, which is like finding a penny in a couch when your friends are rolling in dough! Uniswap, Solana, and the gang are laughing all the way to the bank! 💸

According to Santiment data, the number of daily active Ethereum addresses is dropping faster than my motivation on a Monday morning. From 293,000 addresses on March 12 to a staggering drop from over 717,000 earlier this year! Social volume? More like social tumble! 📉

Ethereum Price Technical Analysis: The Rollercoaster Ride 🎢

Now, let’s take a look at the weekly chart. Ethereum’s price is on a freefall like a bad stand-up comedian after hitting a strong barrier at $4,000. It formed a triple-top pattern, which sounds fancy but is really just a fancy way of saying it hit a wall! 🚧

It’s crashed below the key support at $2,135, which is like losing your favorite toy as a kid. And it’s also dropped below the 50-week moving average. Bears are having a field day, folks! 🐻

Ethereum is no longer oversold, which means it’s got more room to fall. The Relative Strength Index is at 33, which is like saying, “Hey, there’s more bad news coming!” The Awesome Oscillator? It’s below the zero line, waving a white flag! 🏳️

So, what’s next? The path of least resistance is looking pretty bearish, with the first target being $1,500. If it drops below that, we might be looking at a psychological meltdown at $1,000! That’s a 45% drop from where we are now! But if it somehow manages to climb above $2,500, we might just have a plot twist worthy of a Hollywood blockbuster! 🎥

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2025-03-12 18:54