Ah, Ethereum! The cryptocurrency that seems to have more ups and downs than a pogo stick at a trampoline park. According to Qiao Wang, the co-founder of Alliance DAO, we find ourselves in a rather familiar situation. It appears that Ethereum’s current market conditions are reminiscent of those delightful extreme lows we saw back in 2016, 2018, and 2022. You know, the years when everyone was convinced they were about to become millionaires, only to find themselves clutching their wallets in despair. 😅
As of March 13, ETH is tiptoeing ever closer to the oversold territory, which is a fancy way of saying it’s about to join the ranks of other altcoins like TRON (TRX), Maker (MKR), and Lido (LDO) in the “please buy me, I’m cheap” club. Data from Crypto Waves suggests that ETH has entered the weak zone, and it’s not looking good. It’s like watching a slow-motion train wreck, but with more digital currency and fewer actual trains.
eth is about at the same oversold level as it was during the 2021 terra collapse, 2018 deep bear (“two digit shitcoin”), and after the 2016 dao hack.
its really hard not to want to buy at these levels.
— qw (@QwQiao) March 12, 2025
Qiao Wang, ever the optimist, points out that ETH is currently flirting with the same oversold levels it reached during the infamous 2021 Terra collapse, the 2018 bear market (which was so deep it could have been a contestant on a reality show), and the aftermath of the 2016 DAO hack. Remember that? When the DAO raised a whopping $150 million in ETH and then promptly got hacked because, well, coding is hard. Wang adds that it’s “really hard not to want to buy at these levels,” which is a sentiment that echoes through the halls of crypto forums everywhere. But let’s be real—how much further can ETH fall before it decides to pull a Houdini and disappear? 🎩✨
As reported by crypto.news, Ethereum has been on a three-week losing streak, which is about as fun as watching paint dry. Investors are sitting on the sidelines, probably contemplating their life choices. Meanwhile, Santiment data reveals that the number of daily active Ethereum addresses has plummeted from over 717,000 earlier this year to a mere 293,000 on March 12. It’s like a party where everyone suddenly decides to leave before the cake is served.
however poor the outlook is for given asset, there is a price at which it makes sense to own it. but to answer ur question, if anything, eth is still the most likely place for institutional adoption to happen.
— qw (@QwQiao) March 12, 2025
Now, let’s talk about the path of least resistance for ETH, which, spoiler alert, is looking rather bearish. The initial target to keep an eye on is $1,500. If it breaks below that, we might be looking at a nosedive to the next psychological support at $1,000—a delightful 45% drop from where we are now. But if ETH manages to soar above the key support-resistance level at $2,500, we might just have to rethink our entire bearish outlook. Despite the doom and gloom, Wang remains convinced that ETH is still the “most likely place for institutional adoption to happen.” Because who wouldn’t want to invest in something that’s currently doing the limbo? 🤷♂️
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2025-03-13 10:22