Ethereum Surges 10% Amid US Tariff Pause, Eyes $1,800 Resistance
Ethereum (ETH) has increased by 10% in the last 24 hours, influenced by the US administration's 90-day pause on trade tariffs for over 75 nations. The cryptocurrency aims to reclaim the $1,800 resistance level.
Current Price Movement
- Ethereum reached a 2-year low of $1,385 earlier this week.
- The price dropped below the $1,640 area, hitting recent lows.
- Analysts suggest a potential retest of the $1,000-$1,200 range if key levels are not reclaimed.
ETH fell below its realized price of $2,000, which may indicate a bottom. Research from Crypto Rank shows the last similar drop was in March 2020, followed by significant recovery.
Potential Breakout Signals
- Analyst Titan of Crypto suggests ETH could be poised for a comeback based on the ETH/BTC trading pair.
- The pair has tested a trendline three times, indicating possible upcoming momentum shifts.
- A weekly close above $1,550 is deemed necessary for bullish momentum.
- Trader Lluciano notes signs of a breakout, with a falling wedge pattern forming.
ETH surged from $1,480 to $1,600, approaching $1,700 before stabilizing between $1,580-$1,640. If it breaks above the falling wedge's upper trendline around $1,840, further gains are anticipated.
As of now, Ethereum trades at $1,566, reflecting an 11% decline over the past week.
