The bears’ inability to penetrate that bull-market trendline since Monday suggests they might have to back up a bit and allow a price bounce before making another attempt at extending recent declines. The native token of the Ethereum blockchain has dropped more than 15% to $3,000 from highs near $4,100 two months ago, according to CoinDesk data. The CoinDesk 20 Index (CD20), a measure of the broader crypto market, lost 17% in the same period.
Source: https://www.coindesk.com/markets/2024/05/17/ether-bears-hit-a-brick-wall-as-price-collides-with-bull-market-trendline/?utm_medium=referral&utm_source=rss&utm_campaign=headlines