Summary
- Analysis indicates that Ethereum's uptrend has ended.
- The report stated that selling pressure is overwhelming buying pressure, indicating a high possibility of further decline.
- It added that Ethereum needs to break through $2,523 to resume its uptrend.
Analysis suggests that Ethereum (ETH)'s uptrend has ended.
On the 9th (local time), CoinDesk stated, "Ethereum's uptrend that lasted for about 3 years has ended" and added, "This decline has caused the collapse of the uptrend line that began in June 2022." The report continued, "Ethereum, which fell about 20% over the past week, recorded its largest weekly decline since November 2022," and noted, "Currently, selling pressure is overwhelming buying pressure for Ethereum, suggesting a high possibility of further decline."
The media outlet added, "Ethereum's next major support level will be at $1,500," and "To start a new uptrend, it needs to break through last week's high of $2,523."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
