Ethereum, that digital darling of the crypto cosmos, has stumbled yet again, failing to reclaim its throne above $1,820 and tumbling below $1,650. Now, it languishes in the purgatory of consolidation, eyeing the $1,675 zone with the trepidation of a cat near a bathtub.
- Ethereum, in a fit of existential despair, could not cling to the $1,650 and $1,620 levels.
- The price, now a shadow of its former self, sulks below $1,650 and the 100-hourly Simple Moving Average.
- A once-hopeful bullish trend line, with its support at $1,775, was unceremoniously shattered on the hourly chart of ETH/USD (courtesy of Kraken).
- The pair, like a tightrope walker with vertigo, teeters on the edge of further losses below the $1,550 support zone.
Ethereum, that fickle mistress of the blockchain, could not hold the $1,800 support zone, tumbling like a drunkard down a flight of stairs. It plunged below $1,750 and $1,700, leaving investors clutching their wallets in despair.
The bullish trend line, once a beacon of hope, was obliterated, its support at $1,775 now a distant memory. The bears, those merciless overlords of the market, dragged the price below $1,600, where it hit a low of $1,537 before mustering a feeble correction.
There was a brief, almost comical, attempt to rise above $1,580, testing the 23.6% Fib retracement level of the downward spiral from the $1,815 high to the $1,537 low. But the bears, ever vigilant, lurked near $1,600, ensuring the price remained ensnared in a web of resistance.
Ethereum now trades below $1,650 and the 100-hourly Simple Moving Average, its upward path blocked by the $1,600 hurdle. The next resistance looms near $1,675, the 50% Fib retracement level of the descent from $1,815 to $1,537. A clear break above $1,710 might propel the price toward $1,820, but such dreams are for the optimistic—or the delusional.
Should Ethereum miraculously breach the $1,820 resistance, it might ascend toward $1,880 or even $1,920. But let’s not get ahead of ourselves; this is crypto, after all, where hope is often the first casualty.
If Ethereum fails to conquer the $1,600 resistance, it could embark on another descent into the abyss. Initial support lies at $1,550, with the first major support at $1,535. A breach of $1,535 might send the price tumbling toward $1,420, and further losses could drag it to $1,400 or even $1,350. The abyss, it seems, has no bottom.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone, like a vulture circling its prey.
Hourly RSI – The RSI for ETH/USD languishes below the 50 zone, a testament to its current malaise.
Major Support Level – $1,550
Major Resistance Level – $1,600
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2025-04-07 06:59