Ethereum’s Near Collapse? Crypto’s Drama Unfolds with Major Price Drop! 😱

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Ah, Ethereum. Once the darling of the crypto world, now teetering on the edge of disaster. As of this very moment, it’s trading at a delicate $3,130, a mere shadow of its former glory, down a staggering 11% in the last 24 hours and a modest 4% over the past week. What could possibly go wrong? 🤔

Of course, the experts are watching with bated breath. Will this price plummet continue, or will it stage a miraculous recovery? Spoiler alert: no one really knows. But who cares when drama like this is unfolding?

The Weekly 50 EMA: A Test of Survival

Ethereum is now testing the fabled 50-week Exponential Moving Average (EMA), a level it treated like a red carpet for over a year before finally succumbing to its bearish influence. The $3,200-$3,500 zone is now being revisited, but this time from the “wrong” side. According to Merlijn The Trader, this could be the moment of truth:

“Lose this… and momentum dies. Hold it… and we send.”

Yes, folks, it’s as dramatic as it sounds. If Ethereum manages to hold this support, it remains in a broader trend structure. But if the level collapses? Oh dear. The sellers will rush in faster than a bear in a honey pot, and prices might plummet to the next support zone.

Oh, and don’t forget Ethereum’s ongoing battle against Bitcoin. After reclaiming the 50-week EMA on the ETH/BTC pair, some are wondering if this is the beginning of another moonshot. In 2021, it was the prelude to an epic rise, but could it happen again? Keep your popcorn ready. 🍿

Ethereum is now moving within a narrow range of $3,350 to $3,675, like a kid stuck in a game of “Red Light, Green Light,” unable to make a move. It’s bouncing off the 200-day EMA near $3,590 and the 200-day MA around $3,355, unable to decide whether it’s going up or down. The suspense is killing us!

Daan Crypto Trades says a move outside this range “should lead to another 5%+ move,” but only if we get a proper, clean break, not just some silly wick teasing us. Until that happens, Ethereum remains stuck in its very own range prison.

Double Bottom: Déjà Vu or a Big Fat No?

Enter GalaxyBTC, with a theory that Ethereum may be forming a double bottom near the $3,100-$3,200 zone. It’s a pattern reminiscent of 2020, just after a ~36% correction, when Ethereum bounced back and started a glorious rally. Ah, nostalgia. 🕰

“A bounce here means that the 2020 pattern is still in play,” GalaxyBTC wrote.

But… (you knew it was coming) a failure to hold this level could doom the pattern, and we might see ETH slipping into a downward spiral. From ATH (All-Time High) to just above $3,100 – yes, folks, it’s almost poetic in its tragic symmetry.

Weak Close, Exchange Drama, and the End of Days?

CryptoWZRD is back, and surprise, surprise, it’s not good news. Ethereum closed the day on a bearish note, and the forecast is looking cloudy with a chance of more downward movement. ETHBTC is nearing a support level, and CryptoWZRD warns, “A strong bullish reversal is necessary,” or Ethereum could be stuck in this gloomy market for a while. If the price doesn’t recover soon, a drop to $2,800 is still on the cards. Yikes! 😬

For now, short-term support seems to hover around $3,230, with resistance at $3,640. Without some serious Bitcoin moves, Ethereum could remain trapped in its current range or slip even lower. It’s the crypto equivalent of being stuck in traffic, wondering if you’ll ever reach your destination.

Meanwhile, some big Ethereum whales have been withdrawing their funds from Binance. Looks like they’re getting ready for the long haul, or perhaps they just want to watch the drama unfold from the sidelines. Fewer coins available for sale = higher long-term positioning. The game is afoot!

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2025-11-14 16:38