Smart bash pipe keeping the last line

script.sh

function t() {
    for e in $(echo 'ab ac ad e bc bd e cd')
    do
        echo $e
        sleep 1
    done
}

t | while read line;
do 
    if [[ $line == e ]]
    then
        echo "-- new line --"
    else
        echo -en " -> $line\r"
    fi
done