Ethereum’s Wild Ride: Whales, Wobbles, and WTF Moments

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<a href="https://zarusd.com/eth-usd/">Ethereum</a>‘s Wild Ride: Whales, Wobbles, and WTF Moments

Ethereum, that darling of the crypto cognoscenti, has been subjected to a correction so brutal it might as well have been penned by Dostoevsky. ETH, once the belle of the blockchain ball, now languishes around $1,950, a far cry from its former glory. On-chain data, that cryptic oracle of the digital age, offers mixed signals, leaving analysts as divided as a family at Christmas dinner. 🎄

Adding to the drama, decentralized exchange (DEX) activity on the Ethereum blockchain has plummeted by 44% in a week. Investors, perched on the edge of their seats, are left wondering if this is the beginning of the end or merely a hiccup in the grand scheme of things. 🍿

Ethereum Price: A Tale of Woe and Wobble

Crypto analyst Mags, never one to mince words, described the Ethereum price chart as “one of the worst charts of all time.” ETH, that plucky underdog, attempted to break above the $4,000 mark three times during this market cycle, only to be rebuffed on each occasion. The recent rejection has seen the price tumble below both the mid-range level and the upward-sloping trendline support, as illustrated below. 📉

#Ethereum – Unbiased AnalysisETH has one of the worst charts of all time. The price attempted to break above the range high of $4,000 three times in this cycle but failed.On the last rejection, price broke down even below the mid-range and is also trading below the…

— Mags (@thescalpingpro) March 18, 2025

Mags, ever the harbinger of doom, outlined two possible scenarios for Ethereum’s future:

  • Bearish Scenario (Blue): The price continues its downward spiral, potentially plummeting to the range low of $1,060. 🐻
  • Bullish Scenario (Green): Ethereum reclaims the $2,500 level and rallies back to $4,000 for another shot at glory. 🐂

However, Mags noted that, based on current technical indicators, the bearish scenario appears more likely. 🕯️

DEX Activity: A 44% Drop and Counting

According to data from DeFiLlama, DEX activity on the Ethereum blockchain has nosedived by 44% in the past week. This decline has also impacted other Layer-2 solutions on Ethereum, such as Base, Arbitrum, and Polygon. Solana’s DEX activity dropped by 35%, while SUI experienced a 17% decrease. BNB Chain, however, bucked the trend with a 38% increase in weekly trading volume. 🎢

Whale Watching: The Big Fish Keep Swimming

Large Ethereum holders, those enigmatic creatures of the deep, have been steadily increasing their positions since late 2024. Data from blockchain analytics platform Nansen reveals that while smaller ETH holders have been trimming their balances, whales holding between 10,000 and 100,000 ETH have expanded their holdings by more than 12% in the first months of 2025. 🐋

This accumulation suggests a growing confidence among major investors, despite the broader market’s fluctuations. “The 10k-100k segment saw over a 12% growth in 2025 alone on their total ETH balances whereas the 1k-10k segment saw a 3% increase in their holdings YTD,” it noted. 🧐

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2025-03-19 19:48