March 10 Ethereum News – Ethereum’s Bearish Trend: Is ETH Heading Towards $1,500?
March 10 Ethereum News – Ethereum’s native token, ether (ETH), experienced a significant 20% drop in the seven days leading up to March 9, 2025, marking its largest weekly percentage loss since November 2022, according to data from TradingView. This sharp decline follows a breach of a crucial bullish trendline, ending a near three-year-long bullish streak for ETH.
Key Breakdown Signals Bearish Shift in Market
The sell-off that triggered the latest drop pierced a critical bullish trendline that had been intact since the June 2022 crash of Terra’s algorithmic stablecoin, UST. The breakdown of this trendline signifies a weakening demand and suggests that sellers are now overpowering buyers, marking a shift to a more bearish market trend.
When a long-standing trendline is broken, as seen in ETH’s case, it often signals that market conditions are turning negative. This breakdown encourages further selling by traders, which exacerbates the decline. ETH fell below key support levels, including the trendline itself and the $2,100 mark, an area where seller exhaustion had been visible since August 2023.
$1,500 Support and Bulls’ Next Challenge
As ETH’s price continues to slide, the next major support level is identified at $1,500, a level reached during the September-October 2023 lows. The $2,523 level, which was the high from the previous week, now stands as a significant barrier that bulls must overcome to reverse the current bearish trend.
In conclusion, Ethereum’s recent price action signals a potential transition to a more prolonged bearish phase, as key trendlines and support levels are breached. Traders will be watching closely to see if ETH can reclaim its bullish momentum or if further losses are on the horizon.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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