Is Ethereum About to Crash? The $1.5K Support is All That Stands Between You and a $1K Nightmare

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Ethereum, bless its heart, has been sliding downhill faster than a toddler on a Slip’N Slide. The price recently hit a critical $1.5K support zone, which everyone is hoping will hold—because, if it doesn’t, we’re all going to need a bigger boat to survive the plunge to $1K. 🛥️

Technical Analysis

By Shayan, because apparently, people still trust him with this stuff

The Daily Chart

Ethereum’s momentum has taken a short nap at the $1.5K support level, right where it crashed to in November 2024. You know, that place where everyone says, “Hey, it’s definitely going to hold… probably.” It’s a psychological support zone, so yeah, there’s some demand here, or at least that’s what we’re telling ourselves to sleep at night.

There’s been a tiny uptick in buying pressure, which is like a slight drizzle before the next thunderstorm. However, the selling pressure is still very much in charge, so don’t get too comfy just yet. If this support fails, we could be looking at a rapid drop to $1.1K—kind of like when you’re driving and miss the exit, only this time it’s your wallet that’s getting a workout.

The 4-Hour Chart

Ethereum is currently trapped in a well-defined bearish channel. It’s like the market’s favorite escape room—except no one can find the exit, and we’re all running out of snacks. The price recently bounced off the lower boundary of this channel, which, naturally, is giving some temporary hope to the eternal optimists.

Ethereum is probably going to continue dancing within this channel for a while. Expect more volatility than a reality TV show reunion. If Ethereum pulls off a miracle and rebounds, the $1.8K resistance is where we’ll see the next showdown. But, let’s face it, if the bulls can’t get their act together, expect more pain. 🔥

Onchain Analysis

By Shayan, again, because one opinion is never enough

Looking at the futures market is like peeking into the secret lives of traders. Funding rates, one of the most important metrics, show us whether buyers or sellers are in control. And right now, it’s mostly sellers—because who doesn’t love a good leveraged short position, right?

The funding rates have been dropping, meaning sellers have been busy playing the “short game.” But, surprise, there’s been a bit of a shift! A slight uptick in buying near the $1.5K support has caused a brief rebound in both price and funding rates. We’re all holding our breath to see if this becomes a genuine reversal or if the market decides to go back to being a drama queen.

If the buying pressure holds, we might be looking at a return to the land of higher prices. But, if sellers take back control, the $1.5K support is toast, and we’re all going to be crying into our Ethereum wallets. Stay tuned, folks, the next few weeks could be a wild ride. 🎢

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2025-04-10 14:56