Ether Prices Drop Nearly 20%, Breaking Key Bullish Trendline
Ether (ETH) prices fell nearly 20% in the week ending March 9, marking the largest weekly decline since November 2022, according to TradingView.
Key points include:
- The sell-off breached a bullish trendline originating from the June 2022 low after the collapse of Terra's UST stablecoin.
- This breakdown suggests the end of a nearly three-year bullish trend for ether.
- Potential support levels are identified at approximately $1,500, based on September-October 2023 lows.
- Ether's drop eliminated dual support—the trendline and the $2,100 area, which had shown seller exhaustion since August.
- The previous week's high was $2,523, a critical level for bulls to reclaim.
Trendlines indicate trader sentiment; a breach typically signals weakening demand, increasing the likelihood of further losses.
