The Crypto Gulag: Ethereum’s Descent into Darkness?

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🚨💸 “The Crypto Gulag: Ethereum‘s Descent into Darkness?” 🚨💸

The Crypto Gulag: Ethereum’s Descent into Darkness?

Ethereum, that erstwhile titan of the crypto realm, now finds itself beset on all sides by the slings and arrows of outrageous fortune 🤯. On-chain data, that great revealer of secrets, exposes the weight of whale-sized selling pressure, a precipitous decline in its relative strength against the behemoth Bitcoin 🐳, and a dwindling dominion over the decentralized finance (DeFi) landscape 📉.

As if trapped in some Kafkaesque nightmare, Ethereum’s price performance languishes, mired in a swamp of despair, trading at a paltry $1,883 – a far cry from the lofty heights of its 20-day Exponential Moving Average (EMA) 📊.

Whales, those capricious leviathans, have jettisoned a staggering 760,000 #Ethereum $ETH in a mere fortnight! 🚢

— Ali (@ali_charts) April 2, 2025

The Whale’s Lament: Selloff and Activity Decline

Crypto analyst Ali Martinez, that keen-eyed observer of the crypto firmament, notes that the grand exodus of large Ethereum holders has likely contributed to the recent price woes 🌫️. Moreover, the number of large ETH transactions has plummeted by 63.8% since February 25, a stark testament to the dwindling enthusiasm of whale-sized investors 🐳.

Since Feb 25, the number of large #Ethereum $ETH transactions has declined by 63.8%, signaling a drop in whale activity on the network 📉.

— Ali (@ali_charts) April 2, 2025

This slowdown in large transactions is a dire portent, foretelling reduced liquidity, faltering market confidence, and an enfeebled price support for ETH in the near term ⏰. Should whales continue their Great ETH Sell-Off, the prospects for a bullish resurgence appear increasingly forlorn 🌫️.

ETH/BTC Ratio: A 3-Year Nadir

Ethereum’s tribulations are further underscored by its lackluster performance relative to the indefatigable Bitcoin 🚀. The ETH/BTC ratio has sunk to a dismal 0.022, its lowest ebb since December 2020 📊. This precipitous decline of 73% from its September 2022 peak of 0.085 is a stark reminder of Ethereum’s waning fortunes 📉.

From this angle, the $ETH / $BTC trading pair could be careening towards the abyss… 0.0020! 🌀

— Ali (@ali_charts) April 2, 2025

As Ethereum languishes at $1,880, its price having plummeted 9% over the past week and a staggering 62% from its November 2021 zenith of $4,890, one cannot help but ponder the fate of this erstwhile crypto titan 🤔. Meanwhile, Bitcoin remains relatively resilient, trading at $84,300, with a mere 10% decline year-to-date (YTD) 📈.

Ethereum’s Fading Grip on DeFi

A Bearish Requiem?

Ethereum’s technical indicators paint a picture of unrelenting gloom 🌫️. With ETH trading at $1,883.59, well below its 20-day exponential moving average (EMA) of $1,963, the omens are far from auspicious 📊.

Source: TradingView

Furthermore, Ethereum’s relative strength index (RSI) stands at a dismal 40.73, the gradient of the line screaming of increasing selling pressure 📉.

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2025-04-02 17:15