Ah, Ethereum, that fickle darling of the digital realm, has taken a tumble, descending to the modest sum of $2,156 on the morrow of Monday. A five-day drama of decline, you say? How utterly en vogue for the crypto market to don its mourning attire and waltz into the abyss of sell-offs. One might almost applaud the theatrics, were it not for the tears of liquidated fortunes.
According to the ever-watchful Alicharts, the $2,100 to $2,250 zone has been Ethereum’s safety net, its raison d’être, for the past two years. A support range, if you will, where the crypto aristocracy gathers to whisper sweet nothings of resilience.
The $2,250-$2,100 zone has served as a key support range for Ethereum $ETH over the past two years.
Momentum indicators, those dour sentinels of market sentiment, declare themselves oversold, with the daily RSI dipping below 30. A relief rally, you speculate? How quaintly optimistic. One might as well predict the return of the dodo.
A Carnival of Liquidations
Behold, the grand spectacle of $818 million in leveraged positions vanishing into the ether (no pun intended) in a mere 24 hours. CoinGlass, that purveyor of financial schadenfreude, reports that long positions bore the brunt, shedding $598.29 million, while shorts merely lost $227 million. A tragedy, indeed, but one suspects the gods of crypto find it all rather amusing.
Morning Crypto Report: Binance, in a fit of largesse, unlocks one trillion Shiba Inu (SHIB), while the Bitcoin whitepaper’s enigmatic author plays a game of “Epstein, who?” Meanwhile, a Satoshi-era Bitcoin whale, worth $2.36 billion, finds itself in a spot of bother with Ethereum. How delightfully melodramatic!
Crypto Market Review: XRP splashes about in the shallow end of $1, Shiba Inu (SHIB) takes a nosedive worthy of a Shakespearean tragedy, and Bitcoin (BTC) teeters on the edge of $50,000. Will it fall? Only the oracle of Mount Gox knows.
Strategy’s Saylor hints at a fresh Bitcoin buy, much to the ridicule of investors. One can almost hear the collective sigh: “Oh, Michael, you incorrigible dreamer.”
Shiba Inu buyers step in, Peter Brandt reveals a Bitcoin rebound target (how thrilling!), and a Ripple executive confirms XRP as a priority. The crypto world, ever the stage for grand gestures and petty squabbles.
Ethereum, that prima donna of the market, led the sell-off with $307.89 million in positions liquidated, followed by Bitcoin’s more modest $273 million. The total futures open interest has dwindled to $110.87 billion, with Ethereum’s OI shrinking by 2.44% to $28.25 billion. A shrinking violet, it seems, in a garden of thorns.
What Lies Ahead?
At the hour of this scribbling, ETH languishes at $2,299, down 3.63% in the last 24 hours and a staggering 21% weekly. The next resistance levels, those formidable gatekeepers, lie at the daily moving averages: the MA 50 at $2,996 and the MA 200 at $3,666. An immediate barrier at $2,623, once a stalwart support, now stands as a recalcitrant foe.
A climb above these averages, one dares to hope, might signal a resurgence of buying strength. Yet, the support zone remains, a safety net of $2,100 to $2,250, where Ethereum clings like a tightrope walker in a storm.
Amid this tempest, Terence, an ETH developer, offers a glimmer of hope: 36 million ETH, valued at $80 billion, are staked on the network. A fortress of economic security, or merely a castle built on sand? Only time, that implacable judge, will tell.
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2026-02-02 18:28