After a period of strong volatility and uncertainties regarding global trade policies, Ethereum is trading above 1,600 USD. Recent statements by former American President Donald Trump regarding tariffs have dampened investor sentiment, causing the cryptocurrency market in general and Ethereum in particular to struggle in determining the trend.
Currently, the bulls are trying to regain control of the market, despite signs of weakness. However, price movements still indicate that the potential for a deep fall has not been completely ruled out. Ethereum needs to recover and hold important support levels to confirm a short-term uptrend and initiate a solid recovery trend. Until that happens, cautious sentiment prevails.
However, some positive signals are emerging. According to data from Glassnode, "whales" have accumulated over 822,440 ETH at an average price of 1,546.55 USD – regarded as one of the strongest support zones currently. If the price of Ethereum continues to adjust to this zone, there is a high possibility that there will be renewed buying pressure from large investors, supporting a subsequent recovery.
The coming days will be crucial for the direction of Ethereum. If ETH maintains above this support zone and breaks through the next resistance levels, market sentiment may improve, paving the way for a new upward trend.
From the near-bottom level of 1,380 USD last Wednesday, ETH has recovered over 20%, raising hopes for a strong rebound. Currently, ETH is trading around important resistance levels, serving as a launchpad for a potential breakout in the near future. However, challenges from the global macroeconomic environment continue to weigh on investor sentiment.
Donald Trump's announcement to temporarily suspend tariffs for 90 days on most countries ( except China ) has led global investors to increase their risk appetite, thereby benefiting assets like cryptocurrencies. However, the market remains cautious due to ongoing uncertainties related to America's foreign and trade policies.
Some experts believe that Ethereum has reflected the negative effects of the recent sell-off, while others say that this is only the beginning of a new bearish cycle. Despite differing views, the on-chain data points to an important support zone that could become a fulcrum for Ethereum if tested again.
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Ethereum Holds Strong Support Level – Can Buyers Take Advantage of the Opportunity?
After a period of strong volatility and uncertainties regarding global trade policies, Ethereum is trading above 1,600 USD. Recent statements by former American President Donald Trump regarding tariffs have dampened investor sentiment, causing the cryptocurrency market in general and Ethereum in particular to struggle in determining the trend. Currently, the bulls are trying to regain control of the market, despite signs of weakness. However, price movements still indicate that the potential for a deep fall has not been completely ruled out. Ethereum needs to recover and hold important support levels to confirm a short-term uptrend and initiate a solid recovery trend. Until that happens, cautious sentiment prevails. However, some positive signals are emerging. According to data from Glassnode, "whales" have accumulated over 822,440 ETH at an average price of 1,546.55 USD – regarded as one of the strongest support zones currently. If the price of Ethereum continues to adjust to this zone, there is a high possibility that there will be renewed buying pressure from large investors, supporting a subsequent recovery. The coming days will be crucial for the direction of Ethereum. If ETH maintains above this support zone and breaks through the next resistance levels, market sentiment may improve, paving the way for a new upward trend. From the near-bottom level of 1,380 USD last Wednesday, ETH has recovered over 20%, raising hopes for a strong rebound. Currently, ETH is trading around important resistance levels, serving as a launchpad for a potential breakout in the near future. However, challenges from the global macroeconomic environment continue to weigh on investor sentiment. Donald Trump's announcement to temporarily suspend tariffs for 90 days on most countries ( except China ) has led global investors to increase their risk appetite, thereby benefiting assets like cryptocurrencies. However, the market remains cautious due to ongoing uncertainties related to America's foreign and trade policies. Some experts believe that Ethereum has reflected the negative effects of the recent sell-off, while others say that this is only the beginning of a new bearish cycle. Despite differing views, the on-chain data points to an important support zone that could become a fulcrum for Ethereum if tested again.