The prices of Ether (ETH), the native token of the Ethereum block chain, fell almost 20% in the seven days until March 9, registering its highest weekly percentage since November 2022, according to Data Source TradingView.
The mass sale has penetrated a line of bullish trend that begins with the bass registered after the June 2022 accident of the Terra Stablecoin algorithmic, which destroyed billions in the wealth of investors.
The decisive breakdown means that the almost three-year-old bullish trend of Ether has probably ended, changing the focus on deeper losses, potentially for the support identified to October-October of 2023 minimums about $ 1,500.
Trending lines help visualize the direction in which merchants are assigning funds and where price movements are likely. An ascending or bullish trend line represents levels in which demand is expected to be sufficient to avoid more price decreases.
When a prolonged bullish trend line is broken, as seen in the case of ETH, it indicates a weakening of demand or that sellers are overwhelming buyers, indicating a possible bearish change in the trend of the market. The breakdown often leads other merchants to sell, which leads to even deeper losses.
The fall of almost 20% of ETHER obtained double support: the line of trend and the area of around $ 2,100, characterizing the depletion of the repeated seller since August.
The following support is seen at $ 1,500, with the level of $ 2,523 for last week to overcome the Bulls.
