The price of Ethereum, once soaring like a bird in the sky, now languishes in the shadow of a bear market, its wings clipped by the relentless winds of uncertainty. Yet, amidst this desolation, whispers of a rebirth echo through the corridors of speculation. 🦊💰
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The daily timeframe chart shows that the ETH price has pulled back in the past few weeks. It has tumbled from a high of $4,963 in August to $3,900 today. A descent as steep as a cliff, yet perhaps a prelude to a leap. 🪂
This plunge has had it move below the 50-day and 100-day Exponential Moving Averages. It also moved slightly below the key support at $4,087, its highest point in December last year. A test of resilience, or a sign of surrender? 🤔
On the positive side, the coin has formed a bullish flag pattern, which is made up of a vertical line and a descending channel. A beacon of hope, or a trick of the eye? 🌈
Therefore, the Ethereum price may bounce back in the coming weeks. If this happens, it may rally and retest the year-to-date high of $4,963 followed by $5,000. A dream, or a delusion? 🧠
This bullish outlook will remain as long as it is inside the flag’s descending channel. A drop below the lower side of the channel will point to more downside, potentially to $3,000. A reminder that even the most optimistic forecasts can be dashed by reality. ⚠️
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2025-10-18 17:01