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Ether's 20% Plunge Signals End of 3-Year Bull Run
Ether's price now trades below a trendline that starts from the low registered after the crash of Terra in 2022.
Updated Mar 10, 2025, 3:04 p.m. Published Mar 10, 2025, 5:55 a.m.
What to know:
- Ether (ETH) prices fell nearly 20% in the week leading up to March 9, marking the largest weekly percentage drop since November 2022.
- The sell-off broke a bullish trendline that began in June 2022, suggesting the end of ether's nearly three-year bullish trend and potential for further losses.
Prices of ether (ETH), the native token of Ethereum's blockchain, fell almost 20% in the seven days to March 9, registering their biggest weekly percentage slide since November 2022, according to data source TradingView.
The sell-off has penetrated a bullish trendline that starts with the low registered after the June 2022 crash of Terra’s algorithmic stablecoin, UST, which destroyed billions in investor wealth.
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The decisive breakdown means ether's near three-year-long bullish trend has likely ended, shifting focus to more profound losses, potentially to support identified by September-October 2023 lows near $1,500.
Trendlines help visualize the direction in which traders are allocating funds and where price movements are likely to occur. An ascending or bullish trendline represents levels where demand is expected to be sufficient to avoid further price declines.
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When a prolonged bullish trendline is breached, as seen in the case of ETH, it signals a weakening of demand or that sellers are overpowering buyers, indicating a potential bearish shift in market trend. The breakdown often prompts other traders to sell, leading to even deeper losses.
Ether's near 20% drop took out dual support – the trendline and the area around $2,100, characterizing repeated seller exhaustion since August.
The next support is seen at $1,500, with the past week's high of $2,523 a level to beat for the bulls.
UPDATE (March 10, 08:32 UTC): Rewrites headline to add end of bull run.
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