In a turn of events that could only be described as “Oh dear, not again,” Ethereum (ETH) has decided to take a nosedive, slipping under the all-important $2,000 mark like a clumsy cat on a polished floor. As of Monday morning, it was trading at a rather sad $1,999, which is just a dollar away from being a complete disaster. This unfortunate turn of events has resulted in a 5.5% drop in the last 24 hours, continuing a week-long decline that’s about as welcome as a tax audit at a family reunion—roughly 20% down, if you’re keeping score. 📉
Now, you might be wondering what could possibly cause such a calamity in the world of digital coins. Well, it seems that former U.S. President Donald Trump has decided to play the role of the crypto Grim Reaper by issuing an Executive Order to establish a Strategic Bitcoin Reserve. Because, of course, when in doubt, just throw more Bitcoin at the problem! 💰
JUST IN: $ETH falls below $2K
— CoinGecko (@coingecko) March 10, 2025
While this move has led to a surge in institutional acceptance of Bitcoin (because who doesn’t want to be part of the latest financial fad?), traders were left feeling as deflated as a balloon at a porcupine convention when the government failed to announce any immediate Bitcoin purchasing plans. This left Ethereum and its digital cousins in a bit of a slump, like a party that ended before the cake was served. 🎂
As for Ethereum’s technical design, it’s about as encouraging as a rainy day picnic. Analysts have noted that it has been facing resistance at crucial levels for over a year now, which is a bit like trying to push a boulder uphill while wearing roller skates. Tony “The Bull” Severino, who is apparently not a bull in a china shop but rather a bull in a crypto market, pointed out that Ethereum has never managed to leap over the quarterly Parabolic SAR indicator, which is a fancy way of saying it’s stuck in a rut. 🐂
To add insult to injury, the once-supportive $2,100 level has now transformed into a formidable resistance barrier, like a bouncer at an exclusive club. If ETH breaks below the $2,098 mark of the lower Bollinger Band, we might be looking at a potential decline to $1,105, which is about as appealing as a soggy sandwich. Meanwhile, large investors are still buying ETH like it’s going out of style, according to on-chain data. Go figure! 🤷♂️
In a twist that could only happen in the world of crypto, the wallets controlling more than 100,000 ETH have been on a buying spree, accumulating around 330,000 ETH in the last 48 hours. It’s like watching a game of musical chairs where everyone is trying to sit down at once. A Wyckoff reaccumulation phase might be on the horizon, which sounds fancy but is really just a way of saying, “Hold on, things might get bumpy before they get better.”
For Ethereum to stage a comeback worthy of a Hollywood blockbuster, it needs to break above $2,125 to gain some upward momentum. If it manages to do that, it could potentially rise to $2,359, which would be a plot twist worthy of a best-selling novel. But for now, it’s all about holding onto those support levels to avoid further price drops in the coming days. So, grab your popcorn and stay tuned! 🍿
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2025-03-10 11:03