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Ether Bears Hit a Brick Wall as Price Collides With Bull-Market Trendline
Ether's sell-off has stalled at an upward-sloping trendline, characterizing the rally from October lows.
Updated May 17, 2024, 10:43 a.m. Published May 17, 2024, 10:43 a.m.
- Ether's sell-off has stalled at an upward-sloping trendline, characterizing the rally from October lows.
- The immediate resistance is seen in the range of $3,180-$,3225.
Ether's sell-off has stalled, with bears hitting a brick wall characterized by an upward-sloping trendline drawn off October and January lows, according to charting platform TradingView.
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.
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Supporting the case for an ether price bounce is the daily MACD histogram, which has flipped positive, signaling renewed bullish momentum. The MACD is widely used to gauge trend strength and changes.
Intraday momentum is steadily improving, with the widely tracked 50-hour simple moving average (SMA) again trending north, providing reassurance.
The immediate resistance is seen at the 50-day SMA near $3,180, followed by a descending trendline representing the recent correction, currently at $3,225.
If the price drops below the bullish trendline, that would mean the broader uptrend has ended, opening the door for a more pronounced sell-off.
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- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Sizin için daha fazlası
Weekend Sell-Off Hits EdgeX’s Nasdaq-Linked Perp as $13M in Longs Liquidated
A large short placed during off-hours sent EdgeX’s XYZ100 perpetual down nearly 4%, exposing risks in equity-index perps when traditional markets are closed.
Bilinmesi gerekenler:
- A newly created wallet executed a short worth roughly $10 million on EdgeX’s Nasdaq 100–linked perpetual, triggering a rapid 3.5% price drop and a liquidation cascade across long positions.
- With U.S. equity markets closed, traders cannot hedge exposure to the Nasdaq, leaving equity-index perps more susceptible to large orders and thin liquidity.
- EdgeX processed about $167 billion in perp volume last month, underscoring how fast-growing crypto derivatives platforms are pushing into tokenized equities.
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