Key points
- ETH fell about 3% over the past 24 hours and is currently trading above $3,200
- The pullback comes amid trade tensions between the United States and the European Union
ETH dips below $3,200 as US-EU trade tensions weigh on markets
Ether, the second-largest cryptocurrency by market capitalization, declined roughly 3.4% over the past 24 hours and briefly fell below the $3,200 level. The token has since rebounded slightly and is trading around $3,205 after the intraday pullback.
The downward move coincides with escalating trade tensions between the United States and the European Union. U.S. President Donald Trump has threatened to raise tariffs, starting at 10% on February 1 and increasing to 25% by June, on imports from eight NATO partner countries (Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands and Finland).
The president also said the tariffs would remain in place until Denmark agrees to sell Greenland to the United States.
Rachael Lucas, a crypto analyst at BTC Markets, commented:
“The latest headlines about a US-EU trade war have certainly introduced fresh volatility to a market that was already unsettled, adding another layer of geopolitical uncertainty that markets are not well positioned to absorb. That said, while the headlines are noisy, they are not the fundamental driver behind the current crypto pullback.”
ETH eyes $3,360 resistance as the market attempts a recovery
The ETH/USD 4-hour chart shows a bearish bias after Ether lost more than 3% in the past day. Technical indicators, however, remain cautiously positive, suggesting a potential short-term upswing.
The RSI sits at 52, just above the neutral 50 level, indicating fading bullish momentum. The MACD line remains above the neutral zone, signaling that buyers still retain some control.
If the market recovery continues, ETH could push toward the first major resistance near $3,360 within the coming hours or days.
Conversely, if the market resumes its correction, Ether may retest the January 12 low around $3,068.