“Ether’s Price Now Trades Below a Trendline that Starts from the Low Registered After the Crash of Terra in 2022.”, – WRITE: www.coindesk.com
The Sell-Off Has Pnetrated A Bullish Trendline that Starts with the Low Registered After The June 2022 Crash of Terra’s Algorithmic Stablecoin, Ust, WHICH DESTROTHTH.
The DECISIVE BREAKDOWN MEANS Ether’s Near Three-Year-Long Bullish Trend Has Likely Ended, Shifting Focus to More Profound Losses, Potentally to Support Identified by $ 1,500.
Ether’s Weekly Chart. (TradingView/Coindesk)
Trendlines Help Visualize the Direction in WHICH Traders Are Allocating Funds and Whore Price Movements Are Likely to Occur. An ascending or Bullish Trendline Represents Levels WHERE DEMAND IS EXPECTED TO AVOID FURTHER PRICE DECLINES.
WHEN A PRONONGED BULLISH Trendline is Breached, As Seen in the Case of Eth, It Signals A Weakening of Demand or That Selers Are OverPowering Buyers, Indicating A Potential Bear Bear. The Breakdown Onthen Prompts Other Traders to Sell, Leading to Even Deaper Losses.
Ether’s Near 20% Drop Took Out Dual Support – The Trendline and the Area AROUND $ 2,100, Characterizing Repeated Seller Exhaust 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.
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