Ethereum Surges 10% as US Pauses Trade Tariffs

Ethereum (ETH) has experienced a significant surge, recovering 10% in the past 24 hours. This rally was driven by the US administration’s decision to pause trade tariffs for over 75 nations for a period of 90 days. As the second-largest cryptocurrency by market capitalization, Ethereum is now targeting the $1,800 resistance level, which is seen as a key milestone for a potential rally continuation.

Ethereum’s price had previously hit a two-year low of $1,385 during this week’s market correction, causing a wave of bearish sentiment among investors. The cryptocurrency had lost its position within the lower zone of its $2,100-$3,900 macro range on March 9 and had retraced around 16% in the past month. This decline led many analysts to speculate that Ethereum’s downward trend might not be over, with some predicting a retest of the $1,000-1,200 price range if key levels were not reclaimed.

Despite its recent performance, Ethereum dropped below its realized price by accumulating address of $2,000, which some market watchers consider a potential bottom sign. According to research and analytics platform Crypto Rank, the last time Ethereum fell below this level was in March 2020, when the price dropped from $283 to $109 before significantly recovering in the coming months.

Analyst Titan of Crypto noted that Ethereum could be on the verge of a comeback based on the ETH/BTC trading pair. The ETH/BTC chart shows that the “RSI is showing a familiar pattern. One that previously signaled a potential shift in momentum.” The multi-year chart indicates that the pair tested the trendline three times before momentum shifted and the ETH price surged toward its 2021 all-time high. Similarly, the pair has tested the trendline thrice since 2022, suggesting the cryptocurrency might be headed for a comeback.

Analyst Crypto Bullet considers a weekly close above $1,550, a key historical support level, necessary for ETH’s bullish momentum. Meanwhile, pseudonym trader Lluciano affirmed that Ethereum “is showing signs of a breakout after holding strong at key support.” Yesterday, ETH, which was retesting the 2018 all-time high (ATH) levels, jumped from $1,480 to $1,600, briefly nearing the $1,700 resistance before stabilizing between the $1,580-$1,640 price range.

He pointed out that “the market could be ready for a bullish reversal” as the cryptocurrency has formed a falling wedge pattern. Per the post, if ETH breaks above the pattern’s upper trendline, at around the $1,840 mark, ETH could see “significant gains” and rally toward higher levels. As of this writing, Ethereum trades at $1,566, an 11% decline in the weekly timeframe.