Key takeaways
- ETH is down 3% in the last 24 hours and is now trading above $3,200.
- The bearish performance comes amid renewed trade tensions between the U.S. and the EU.
ETH dips below $3,200 on the U.S.-EU trade tensions
Ether, the second-largest cryptocurrency by market cap, is down 3.4% in the last 24 hours and briefly dropped below the $3,200 level. The coin is now trading at $3,205 after slightly recovering from the dip.
The bearish performance comes amid the ongoing trade tensions between the United States and the European Union. President Donald Trump threatened to escalate tariffs, starting at 10% on February 1 and rising to 25% by June, on imports from eight NATO allies (Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland).
The president added that the tariffs will stay in place until Denmark agrees to sell Greenland to the United States.
Rachael Lucas, crypto analyst at BTC Markets, stated that,
“The latest U.S.-EU trade war headlines have certainly injected fresh volatility into an already uneasy market … adding a layer of geopolitical uncertainty that markets were in no shape to absorb. But while the headlines are loud, they’re not the fundamental driver of the current pullback in crypto.”
ETH eyes the $3,360 resistance level as the market begins recovery
The ETH/USD 4H chart is bearish and efficient after Ether lost more than 3% of its value in the last 24 hours. The technical indicators remain positive, suggesting that ETH could rally higher in the near term.
The RSI of 52 is above the neutral 50, indicating a fading bullish momentum. The MACD lines remain above the neutral zone, signalling that the buyers remain in control.
If the market recovery continues, ETH could rally towards the first major resistance level at $3,360 over the next few hours or days.
However, if the market correction continues, ETH could retest the January 12 swing low of $3,068.
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