Donald Trump’s new tariff transfer in opposition to China and another nations brought about a pointy decline in Bitcoin and altcoins. Though BTC and altcoins recovered afterwards, an analyst mentioned that the value of Ethereum (ETH) might fall even additional if the US-China commerce battle escalates.
Andrew Kang, co-founder of crypto funding agency Mechanism Capital, mentioned in a publish on his X account that if the commerce battle between the US and China continues, the Ethereum (ETH) value might drop to between $2,200 and $2,400.
Kang additionally famous that the $2,900 to $3,000 vary may very well be a short-term resistance degree for ETH.
https://twitter.com/Rewkang/standing/1886648582725665204
Shopping for Alternative?
Whereas Ethereum was one of many altcoins that suffered the largest losses within the decline, whales additionally noticed this decline as a shopping for alternative.
At this level, a whale that was profitable to find the underside purchased Ethereum once more. Accordingly, the whale that purchased throughout the massive drop in August 2024 and has over $1 billion value of cryptocurrency in its portfolio purchased a considerable amount of ETH at this time.
Ethereum (ETH), which has gained 5.4% within the final 24 hours, continues to be traded at $2,710 on the time of writing.
*This isn’t funding recommendation.
