ETH’s Epic Fail: Will It Hit Rock Bottom at $1300? 😱💸

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Oh hello there!👋 Has anyone noticed that Ethereum (ETH) has been having a bit of a rough patch lately? 🙃 I mean, over the past week, it’s taken a nosedive, plummeting to a measly $1,861 from a high of $2,138. That’s a whopping 16% drop, folks! And guess what? This is its lowest point since December 2023. Can you believe it?!

Now, according to Glassnode, only half of Ethereum holders are still making a profit. Compare that to 82% at the start of the year. Ouch! 💔 Some poor souls are losing their funds, while others are selling at a loss, causing the price to fall even further. It’s like watching a slow-motion car crash, but with crypto.

And let me tell you, the monthly chart on TradingView ain’t pretty either. The price has been trading below the Ichimoku Cloud since January 25, which is basically a big red flag saying, “Hey, the market is still bearish.” 🐻

But wait, there’s more! Last week, $1.8 billion worth of ETH left exchanges in the biggest outflow since December 2022, according to Lookonchain. Now, usually, when investors move ETH to private wallets instead of exchanges, it means they’re holding for the long term. So, could this signal a potential price rebound soon? Fingers crossed! 🤞

Okay, let’s get down to business. Will ETH crash to $1,300? Well, if the price keeps falling, it’s not entirely impossible. But if demand picks up, ETH could soar back to $4,045, which is a 120% surge from its current price level. However, don’t hold your breath because the market is still dominated by the bears. 🐻

For now, the most likely scenario for ETH is to test the support at $1,700. If it fails, brace yourselves for catastrophic liquidations, and the market will need a heck of a lot of time to recover. Let’s hope for the best, shall we? 🤞🚀

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2025-03-11 00:06