On March 10, TradingView data showed that the price of Ethereum plummeted by nearly 20% in the seven days ended March 9, marking the largest weekly percentage decline since November 2022. The sell-off fell below the bull trend line that began at the low point in June 2022 following the Terra algorithmic stablecoin UST crash, which led to the loss of billions of investor wealth.
This decisive decline means that Ethereum's nearly three-year bull market trend may be over, with the focus shifting to deeper losses, possibly falling to support near the September-October 2023 lows, around $1,500.
Trendlines help visualize the direction in which a trader's money is flowing and where prices are likely to change. A rising or bull trendline represents a level at which demand is expected to be sufficient to avoid further price declines. When a long-term bullish trendline falls below, as is the case with ETH, this indicates weaker demand and indicates a possible bearish shift in the market trend. A fall below the trendline usually prompts other traders to sell, leading to larger losses.
Data: Ethereum's nearly 20% plunge breaks the bull trend line since the Terra crash in 2022
2025-03-10 06:07:38
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