In the past week, the price of Ethereum's native token, ether (ETH), experienced a significant drop of almost 20%. This is the largest weekly percentage decline since November 2022. The selling pressure has broken a bullish trendline that dates back to the crash of Terra's UST stablecoin in June 2022, signifying the end of ether's long-term bullish trend. The focus has now shifted to potential further losses, with support expected around the September-October 2023 lows near $1,500. When a bullish trendline is breached, it indicates a weakening of demand and can lead to more widespread selling and deeper losses. The next support level for ether is anticipated to be at $1,500, and for the bulls to regain control, they must surpass the recent high of $2,523.



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