Ether Displays Downtrend Exhaustion Ahead of Trump’s Tariff Announcement
President Donald Trump is set to announce reciprocal tariffs that may impact financial markets, including cryptocurrencies. Ahead of this, signs of downtrend exhaustion have emerged in the ETH market.
Market Analysis
- ETH dropped alongside BTC last week but did not breach the March low of $1,755.
- Prices rebounded to $1,880, forming a potential double bottom with resistance at $2,104.
- A breakout above $2,104 could lead to a target of $2,400.
Momentum Indicators
- Despite the price drop to March lows, the 50-day simple moving average (SMA) showed a higher low, indicating weakening downward momentum.
- The three-line break chart has flipped bullish after a significant price decline, suggesting a reversal in sentiment.
Risks
Macro factors, particularly the impending Trump tariffs, could undermine these bullish signals and result in further losses for ETH.