ETH Price Crash: Is the Bottom a Mirage? 🧐

So, Ethereum‘s lost nearly a fifth of its value this past month, eh? A pathetic 5.2% dip this week alone. Laughable, really. It’s clinging to life slightly better than Bitcoin, but recovery? Don’t make me chuckle. They claim these traders have nothing left to sell… but the price still stumbles like a drunkard.

Normally, a lack of profit-taking means a bottom, yes? But if the fat cats have already pocketed their gains, why does this Ethereum refuse to bounce? A riddle wrapped in a blockchain, I tell ya! 🙄

Profit-Booking Incentive? Barely a Whisper.

This “Net Unrealized Profit and Loss” – a fancy term for people’s hopes and fears – is at a measly 0.23, the lowest since July. It’s like watching a patient on life support. It gauges investor sentiment, from utter despair (capitulation) to blissful ignorance (belief or denial).

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Back in June, this number hit rock bottom, then Ethereum jumped a whole 106.3%. A lucky fluke, if you ask me. Today’s reading is…well, above that. Which means, brace yourselves, there’s room to fall further. Isn’t that just delightful?

A lower number would signal a bottom. But, alas, it’s not so simple. The world, as usual, owes us nothing.

Liquidation: The Real Villain, Naturally.

Ah, the derivatives market. Where the real fun (and losses) happens. Gate’s map shows a ridiculous $2.36 billion in short positions, but still a hefty $1.05 billion in longs. A tug-of-war with investors’ wallets.

That imbalance! It’s like a loaded spring, ready to snap. The long liquidations cluster around $3,050. ETH’s chilling near that level, meaning a tiny nudge downward will unleash a flurry of forced selling. Someone’s going to be screaming, I assure you.

All those long liquidations? They’ll drown out any positive whispers from the NUPL. Shorts don’t matter when the leverage is this…substantial. It’s a mess. A beautiful, chaotic mess.😂

So you see, a profit-bottom setup is useless when shackled by this liquidation nightmare.

The Chart Confirms the Bleakness.

The price chart? It’s singing the same mournful tune. Ethereum’s in a falling channel, and $3,053 is the key. This is where those pesky long liquidations hang out. Lose $3,053, and we’re going lower. A deeper plunge, perhaps back to those June lows.

That’s where the NUPL could take a tumble, mirroring the conditions before the last, fleeting rally.

A bullish path exists, of course. But it requires a heroic effort. Ethereum needs to recapture $3,653 – 14% higher!-then $3,795 to break free from this bearish grip. Then, and only then, might we see a rebound. But until those stars align, it’s stuck between dwindling hope and relentless liquidation. Honestly, it’s almost tragic. I need a drink. 🥃

2025-11-16 11:32

Profit-Booking Incentive? Barely a Whisper.

Liquidation: The Real Villain, Naturally.

The Chart Confirms the Bleakness.

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