Oh, Ethereum, you fickle minx! 🌪️ Just when we thought you were settling down, you go and have a little sell-off tantrum, dropping below key levels like a toddler dropping their ice cream. 😱 But fear not, dear readers, the bullish trend structure hasn’t completely thrown in the towel-yet. Still, the mixed signals from price action and on-chain metrics are giving traders more wrinkles than a Shar Pei. 🐶
Technical Analysis (aka The Crystal Ball Section) 🔮
By Shayan (who probably needs a spa day after this)
The Daily Chart: Drama, Drama, Drama 🎭
On the daily chart, ETH has dramatically lost the midline of its ascending channel, breaking below the dotted trendline that’s been its emotional support since August. 😢 Now it’s clinging to the $4,000 level like it’s the last slice of pizza at a party. 🍕 This level aligns with the lower boundary of the channel and the 100-day moving average, which is hovering around $3,800 like a judgmental mother-in-law. 👀
The RSI took a dip into the oversold region but has since bounced back, hovering around 40. Could this be a local bottom if buyers show up with their wallets? 💸 Or will ETH break below $4,000 and plummet toward $3.5K, officially entering downtrend territory? 🌀 Only time (and possibly a magic 8-ball) will tell.
The 4-Hour Chart: A Glimmer of Hope? 🌟
On the 4-hour chart, ETH is trying to pull itself together after hitting the purple demand zone around $3,850. It bounced back like a champ and is now consolidating just below $4K. 🥊 Could this be a short-term bottom? The RSI thinks so, as it’s exited oversold territory and is trending up. But let’s not get too excited-the structure is still bearish as long as ETH stays below $4,200. If buyers can reclaim that level, it might be time to pop the champagne. 🍾 Otherwise, $3,500 is looking like a probable pit stop in the coming weeks. 🚗
Onchain Analysis (aka The Tea Leaves Section) ☕
Exchange Supply Ratio: Accumulation or Delusion? 🤔
On the on-chain front, Ethereum’s Exchange Supply Ratio is trending downward faster than a reality TV star’s reputation. 📉 It’s now at its lowest point in years, near 0.13. This means fewer ETH tokens are chilling on centralized exchanges, suggesting long-term holders are hoarding like it’s the apocalypse. 🧟♂️ Historically, this is a bullish signal-fewer tokens available for selling, right? But here’s the twist: despite this accumulation trend, the price still dropped like a lead balloon. 🎈 Could it be short-term leverage wipeouts or just the market being moody? 🤷♀️ Either way, long-term holders seem confident, so unless there’s a sudden reversal, the macro bullish structure is still standing-just a bit wobbly. 🪑
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2025-09-27 20:10