Ethereum's nearly 20% plunge broke the bullish trend line since the Terra crash in 2022

BlockBeats News: On March 10, TradingView data showed that the price of Ethereum plummeted by nearly 20% in the seven days ending March 9, the largest weekly percentage decline since November 2022, according to Coindesk. The sell-off broke below a bullish trend line that began at the lows of June 2022 after the crash of Terra's algorithmic stablecoin UST, which led to the loss of billions of investors' wealth. This decisive decline means that Ethereum's nearly three-year bullish trend may be over, with the focus shifting to deeper losses, which could fall to support near the September-October 2023 lows, around $1,500. Trend lines help visualize the direction in which a trader's money is flowing and where the price is likely to change. An ascending or bullish trend line represents a level at which demand is expected to be sufficient to avoid further price declines. When a long-term bullish trend line falls below, as in the case of ETH, this indicates weakening demand, indicating a possible bearish shift in the market trend. A break below the trend line usually prompts other traders to sell, resulting in bigger losses.