Ethereum is showing signs of a potential trend reversal as financial markets brace for tariff announcements by former US President Donald Trump.
Market Signals Indicate ETH’s Downtrend Is Over
With ETH testing a 16-month low of $1,755 on March 11 and not breaking lower, selling pressure seems to be abating. The price has since risen to $1,880, forming a potential double bottom pattern with key resistance at $2,104. If broken, ETH could rally toward $2,400. Additionally, there is a divergence between ETH’s price and its 50-day simple moving average (SMA), indicating a weakening downward momentum.
Ethereum’s Market Opportunities
If expected trade tariffs are less severe, risk appetite could return, allowing ETH to gain momentum and possibly outperform BTC in the short term. However, an escalation in trade tensions might lead to market volatility that could overshadow bullish signals for ETH.
Prospects for the Crypto Market
Traders are eyeing $2,104 as a critical breakout level that could pave the way for ETH’s next rally.
Currently, markets are watching the $2,104 level, which could be a starting point for Ethereum's strengthening position in the market.
