Ethereum’s Price Plummet: Is the Bull Market Trend Finally Over After 20% Drop?

On March 10th, COINOTAG reported significant upheaval in the cryptocurrency market, particularly concerning Ethereum, which experienced a sharp decline of nearly 20% over the week leading up to March 9th. This marks the most substantial weekly percentage drop for the cryptocurrency since November 2022. The downturn has erased gains that had been built since the aftermath of the June 2022 crash of the Terra algorithmic stablecoin UST, which caused substantial losses to investors.

This recent market movement has raised concerns that Ethereum’s sustained bull market, lasting nearly three years, may be nearing its end. Analysts are now focusing on potential support levels, which could dip as low as $1,500, echoing the lows observed in September and October 2023. The breakdown of the long-established bull market trendline raises serious questions about investor demand. A breach of this trend typically signals a shift towards a bearish market, indicating that traders should prepare for further potential declines.