The prices of the ether (ETH), the native token of Ethereum blockchain, fell by almost 20% in the seven days until March 9, recording their largest weekly slide since November 2022, according to Data Source TradingView.
The sale has entered an upward trend line which begins with the bottom recorded after the Krach of June 2022 of the Stablecoin algorithmic of Terra, UST, which destroyed billions of wealth of investors.
The decisive rupture means that the three -year bullish trend of Ether has probably ended, focusing on deeper losses, potentially in support identified by September at 2023 nearly $ 1,500.
The trend lines help visualize the direction in which traders allocate funds and where price movements are likely to occur. An ascending or increased trend line represents levels where demand should be sufficient to avoid new price reductions.
When an prolonged optimistic tendency is raped, as we can see in the case of ETH, it signals a weakening of demand or that sellers master buyers, indicating a potential lowered change in the market trend. The rupture often encourages other traders for sale, causing even deeper losses.
The drop of almost 20% of Ether took double support – the trend line and the area around $ 2,100, characterizing the seller’s repeated exhaustion since August.
The next support is seen at $ 1,500, with the summit last week of $ 2,523 per level to beat for the Bulls.
