Several alarm bells are ringing for Ethereum investors as the second-largest cryptocurrency continues its downward spiral. ETH is now trading at a precarious $1,830, having shed a painful 14% since last Monday. Remember when it peaked at $3,450 back on March 30? Yeah, those days are long gone.
Ethereum’s freefall continues, with the once-mighty token now gasping for air at $1,830 after a brutal 14% plunge.
The critical $1,800 support level is now under serious threat. Not a great look. Trading volume has jumped 40% above average this week – panic selling, anyone? At least the ETH/BTC pair has shown some resilience, climbing from 0.315 BTC to 0.340 BTC. Small victories, right?
Technical indicators paint a mixed picture. RSI hit 75, screaming “overbought” just before the drop. The MACD showed a bullish crossover, but fat lot of good that did. Ethereum failed spectacularly to reclaim the 4-hour 200 MA and EMA near $2,100. Brutal.
On-chain data shows some life. Active addresses increased by 15%, reaching 500,000. Network hash rate climbed 10%. But gas fees are surging again – shocking absolutely nobody. Unlike Avalanche which maintains stable transaction fees during high traffic periods, Ethereum costs continue to fluctuate wildly. The price recently bounced off the mitigation block zone around $2,064, showing some potential resistance to further decline. Analysts like MAXPAIN have suggested a 9% retracement could create buying opportunities around the $1,900 level.
Whales seem unfazed by the drama. Wallet 0x114E scooped up 7,100 ETH worth over $14 million. Another whale, 0xC377, grabbed approximately $9.5 million worth. They’re either brilliant or delusional. Time will tell.
Institutional money tells a different story. ETH ETFs have been bleeding money since March 5, with outflows hitting $5.89 billion on March 26. Ouch. Big money isn’t exactly rushing in.
Price predictions are all over the map. Some analysts see $3,116 on the horizon. Elliott Wave enthusiasts are dreaming of $5,464 to $9,279. Meanwhile, realists warn of a drop to $1,500 if current support fails. If that happens, expect a bloodbath.
Market sentiment has shifted from “Neutral” to “Greed” at 72 on the Fear and Greed Index. A recent short squeeze triggered $50 million in liquidations. Traders never learn, do they?
