In the vast, unforgiving expanse of the digital bazaar, Ethereum, that once-proud stallion of the crypto steppe, now trudges at a mere $2,850. Ah, the whims of the market-a 1% rise in 24 hours, yet a 10% plunge in seven days. Trading volumes swell to $23.8 billion, as if the masses are herded to the slaughter, or perhaps, to salvation. Who can say?
The Eternal Wave: A Farce or Fate?
Behold, the soothsayer Merlijn The Trader, with his charts and his waves, proclaims a pattern as old as the blockchain itself. Three acts in this tragicomic play: the impulsive rally, the corrective drop, and the grand breakout. Now, we wallow in the second act, the correction, where hope and despair waltz in equal measure.
ETHEREUM: THE PERFECT WAVE SETUP
Wave 1: Ignition 🚀
Wave 2: Correction (now) 🌊
Wave 3: Expansion (next) 💥This farce played out thrice before.
And each time, $ETH pumped, like a clown’s balloon at a child’s birthday.You know what to do in the discount zone. 🛒
– Merlijn The Trader (@MerlijnTrader) November 23, 2025
Since 2022, this charade has repeated, each cycle trapped in an ascending channel, like a hamster in a wheel. The current fall from $4,950 to the $2,600-$2,800 zone mirrors past corrections. Ah, the “discount zone”-a term so quaint, it could only exist in the land of crypto, where greed and fear are the only currencies.
If the pattern holds, Ethereum might soar to $9,000. But then, if my aunt had wheels, she’d be a trolley. 🛴
Traders: The Modern-Day Oracles
Lennaert Snyder, another prophet of the charts, laments Ethereum’s failure to hold above $2,880. “Our short scenario got triggered,” he writes, as if the gods themselves had spoken. For the longs, he watches $2,680 and a possible sweep of $2,620. A daily demand zone at $2,570 looms, where reversals may sprout like mushrooms after rain. 🍄
As CryptoPotato reports, the $2,872 level aligns with realized price data, a “classic bottom” based on on-chain behavior. Previous cycle lows also bounced near these conditions. Meanwhile, this area matches realized price data from multiple wallet groups, adding strength to this support level-if it holds. But will it? Only the market knows, and the market is a fickle mistress. 💃
ETH/BTC: The Dance of the Titans
Ethereum’s performance against Bitcoin is also under the microscope. Analyst Michaël van de Poppe notes the ETH/BTC pair at 0.0325, a level that has acted as a base before. The last bounce from this zone saw a 140% gain. Will history repeat itself, or is this just another chapter in the book of crypto folly?
“If ETH finds support here, it could outperform BTC. If not, the entire market may move lower.”
– Michaël van de Poppe, the modern Cassandra, warning of doom or glory. 🦉
The pair consolidates, a tense silence before the storm. A bounce could signal a trend reversal, or it could be the market’s final laugh before the plunge. In the world of crypto, who can tell the difference? 🤡
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2025-11-24 21:09