Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
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 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.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.
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