You Won’t Believe What Happened to Ethereum! 😱 (Spoiler: It’s Not Good)

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Buckle up, folks, because the Ethereum train is about to take a wild ride! 🎢 Less than 48 hours to the close of the first month of 2025, and it’s clear that the short-term sellers are in control of the Ethereum price. 💸

With ETH at $3 211 and a 24-hour volatility of 2.4%, the large-cap altcoin is trapped in a falling wedge pattern, and the ETH/BTC pair is shedding in the macro time frame. 📉 But wait, there’s more!

According to crypto analyst Ali Martinez, Ether’s MVRV has dropped below the 160-day MA, which could lead to a potential 40% drop below the $3K support level. 😱 And if that wasn’t enough, crypto analyst Benjamin Cowen says Ether price will continue to drop due to the ongoing Quantitative Tightening (QE). 🤯

But fear not, dear readers, because there’s a glimmer of hope! If Ether can consistently close above the key resistance level of around $4K in the near term, the short-term bearish sentiment could be invalidated. 🙏

Meanwhile, the Ethereum network is facing some serious competition from other layer one chains, and Ethereum whales are feeling the pressure. 😓 The Donald Trump administration has even vowed to help the entire cryptocurrency grow exponentially in the near future. 🤔

So, what’s the verdict? Is Ethereum doomed, or will it rise from the ashes like a phoenix? 🤷‍♂️ Only time will tell, my friends. Stay tuned for more drama and excitement in the world of crypto! 🚀

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2025-01-30 13:52