TechFlow reported on March 10, according to CoinDesk, that Ethereum (ETH) prices dropped nearly 20% in the week ending March 9, marking the largest single-week decline since November 2022. This sell-off broke a bullish trend line established after the collapse of Terra's algorithmic stablecoin UST in June 2022, suggesting that Ethereum’s nearly three-year bull market may have ended, with market focus shifting toward deeper downside. A potential support level could be around $1,500—the lows formed in September–October 2023—while a resumption of the bull market would require a breakout above last week’s high of $2,523.
Trend lines are commonly used to visualize trader capital flows and potential price movement directions. When a long-term bullish trend line is breached, as is currently the case with Ethereum, it indicates weakening demand or sellers overwhelming buyers, signaling a possible shift toward a bearish market trend. Ethereum’s nearly 20% drop has broken through dual support levels—the trend line and the area near $2,100.
