Ethereum Trades Below $1,900 Amid Market Uncertainty
Ethereum (ETH) is currently trading between $1,750 and $1,900 after significant selling pressure. The broader crypto market faces challenges due to macroeconomic uncertainty and trade war fears.
- ETH has lost over 57% of its value, now below critical support levels.
- Bulls struggle to regain momentum as the price remains under $2,000.
- The U.S. stock market's decline adds to the bearish sentiment across risk assets.
- Analyst Daan suggests a potential recovery if ETH breaks out from a falling wedge pattern.
- For recovery, ETH must reclaim the $2,000 level and hold above it.
- The ETH/BTC ratio is near multi-year lows, indicating limited resilience.
- Failure to maintain current levels could lead to further declines towards $1,750.
The upcoming weeks are crucial for determining whether ETH can stabilize or face additional downside risks.