Ether’s 20% Plunge: The Drama Unfolds Like a Bad Reality Show! 🎢

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What to know:

  • So, Ether (ETH) decided to take a nosedive of nearly 20% in the week leading up to March 9. Talk about a dramatic exit! 🎭
  • This sell-off has officially broken a bullish trendline that started back in June 2022. It’s like the end of a three-year-long party, and guess what? The lights just went out! 💡

In case you missed it, prices of Ether (ETH), the beloved token of Ethereum‘s blockchain, plummeted almost 20% in the seven days leading to March 9. This is the biggest weekly percentage drop since November 2022. Thanks, TradingView, for the heart attack! 💔

And just when you thought it couldn’t get worse, the sell-off has crashed through a bullish trendline that started after the June 2022 Terra crash. You know, the one that wiped out billions in investor wealth? Yeah, that one. 😱

This decisive breakdown means Ether’s nearly three-year-long bullish trend has likely packed its bags and left the building. Now, we’re looking at potential losses that could take us down to support levels identified by the September-October 2023 lows near $1,500. Buckle up! 🎢

Trendlines are like the GPS for traders, showing where they’re putting their money and where prices might be headed. An ascending or bullish trendline is supposed to represent levels where demand is strong enough to keep prices from falling. But guess what? That’s not happening anymore! 🚫

When a long-standing bullish trendline is breached, like what we’re seeing with ETH, it’s a sign that demand is weakening. It’s like a party where the DJ has left, and the only ones left are the sad people in the corner. 😢

Ether’s near 20% drop has taken out dual support – the trendline and the area around $2,100. It’s like a double whammy of seller exhaustion since August. Ouch! 😬

The next support is seen at $1,500, while the past week’s high of $2,523 is now the level to beat for the bulls. Good luck with that! 🐂

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2025-03-10 09:02