Ether Bears Hit a Brick Wall as Price Collides With Bull-Market Trendline
Ether's (ETH) sell-off has paused due to an upward-sloping trendline drawn from October and January lows. The bears have been unable to break this bull-market trendline since Monday, indicating a potential price bounce before further declines. Over the past two months, ETH has fallen over 15% to $3,000 from near $4,100. The CoinDesk 20 Index, reflecting the broader crypto market, has lost 17% in the same period. The daily MACD histogram has turned positive, suggesting renewed bullish momentum. The 50-hour simple moving average is trending upwards, providing reassurance. Immediate resistance is at the 50-day SMA near $3,180, followed by a descending trendline at $3,225. If the price falls below the bullish trendline, it could signal the end of the broader uptrend and potentially a more significant sell-off.
