Ethereum has shown significant recovery, reaching $2,900, linked to the temporary suspension of trade tariffs and recent comments by Eric Trump.
Ethereum on the Road to Recovery
On February 4th, Ethereum prices gained around 11%, reaching $2,900 during early trading in Asia. This follows a crash to $2,260 earlier in the week. The cryptocurrency market recovery is tied to the temporary suspension of trade tariffs between the US, Canada, and Mexico.
Current State of Ethereum
Despite the growth, Ethereum has yet to reclaim $3,000, while Bitcoin briefly surged above $102,600. Meanwhile, the ETH/BTC ratio remains around 0.028, the weakest level since December 2020.
Altcoins Recovering Quicker
Many altcoins have recovered quicker than Ethereum. XRP, for example, gained more than 20% to top $2.75, while Dogecoin rebounded 22% to reach $0.29. Cardano also outperformed ETH with a 27% pump to reach $0.80.
Despite support from Trump family members and efforts to acquire ETH, Ethereum is still plagued by bearish sentiment. However, the recovery of other altcoins gives hope for an improved market position.
