The prices of Ether (ETH), the native token of Ethereum’s blockchain, fell almost 20% in the seven days to 9 March and recorded their largest weekly percentage of November 2022, according to data source trading.

The sale has entered a Bullish Trendline starting with the low registered register after the crash in June 2022 of Terra’s algorithmic stableecoin, Ust, destroying billions in investor wealth.

The crucial collapse means that Ether’s nearly three-year Bullish trend is likely to end and shifts focus to deeper loss, potentially in support of identified in September-October 2023 low near $ 1,500.

Trendlines help visualize the direction in which traders allocate funds and where price movements are likely to occur. An increasing or Bullish Trendline represents levels where demand is expected to be sufficient to avoid additional price drop.

When a prolonged Bullish Trendline is broken, as seen in the case of ETH, it signalizes a weakening of demand, or sellers overhaul buyers, indicating a potential bearish shift in market trend. The division often asks other dealers to sell, leading to even deeper losses.

Ether’s near 20% drop took double support – the trend line and the area around $ 2,100, which characterized repeated seller’s exhaustion since August.

The next support is seen at $ 1,500, with the last week’s height of $ 2,523 one level to beat for bulls.