JPYKRW

As I write, the RAVE is trading at a modest $0.63, having printed strong daily candles that proclaim its recent progress, much like a peacock showing off its feathers after a successful mating ritual. Yet, one cannot ignore the slight pullback from recent highs-a fleeting moment of hesitation, perhaps indicative of a soul pondering the existential dread of approaching resistance.

On the daily chart, Ethereum is prancing about in a descending channel, forming lower highs with all the grace of a penguin on roller skates. It’s been flirting with the $1,750-$1,800 demand zone, where buyers have been playing the role of the knight in shining armor, trying to slow its descent. But let’s be honest, the overall structure is as bearish as a Monday morning without coffee.

The short-term price, a drunkard staggering from bar to bar, betrays signs of slowing descent, yet the market, that fickle mistress, whispers of improved structure, rising activity, and a delusional confidence in the ecosystem. One might laugh, were it not so tragic.

Yet, in the annals of history, where patterns repeat themselves with the predictability of a poorly written novel, there is hope. The on-chain data, that modern oracle of market whims, whispers of a threshold crossed-a threshold that, in times past, heralded not despair but triumph. Could it be that the altcoin’s current struggles are but the prelude to a grand resurgence? Or is this merely the universe’s way of amusing itself at the expense of the faithful?

In this curious landscape, our little shrimp-like retail investors have decided to retreat from the exchanges, their interactions reduced to a mere whisper. Monthly inflows for these small fry have plummeted to a paltry 384 BTC-oh, what a shadow of its former self compared to the robust 2,700 BTC we saw back in the optimistic days of January 2021! This contraction, dear readers, reeks not only of disengagement but also of a dimming flame of sell pressure.