Ether will take $3,200 after sliding to $3,170
Key receivers
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 US and the EU.
ETH drops below $3,200 on US-EU trade tensions.
Ether, the second-largest by market value, fell 3.4% in the past 24 hours and briefly fell below $3,200. The coin is now trading at $3,205 after recovering slightly from the dip.
The bearish performance comes amid an ongoing trade dispute between the United States and the European Union. President Donald Trump has threatened to raise tariffs on imports from eight NATO allies (Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands and Finland) starting February 10 and rising to 25% in June.
The president added that the tariffs would remain in place until Denmark agreed to sell Greenland to the United States.
BTC Markets crypto analyst Rachael Lucas,
“The recent headlines of the US and EU trade war have injected new volatility into an already volatile market…adding to geopolitical uncertainty that markets have never taken shape. But while the headlines are loud, they are not the main drivers of the current crypto rally.”
As the market starts to recover, ETH will see the $3,360 resistance level
The ETH/USD 4H chart is weak and bearish after Ether lost more than 3% in the last 24 hours. Technical indicators remain positive, suggesting that ETH may rise in the near term.
The RSI of 52 is above the neutral 50, indicating fading bullish momentum. The MACD lines remain above the neutral zone, indicating that buyers are in control.
If the market recovery continues, ETH may rally to the first major resistance level at $3,360 in the next few hours or days.
However, if the market correction continues, ETH may retest the January 12 trading low of $3,068.
