The price of Ethereum (ETH) has spiked over 10% within an hour after the U.S. President Donald Trump announces a 90 day pause on import duties on countries other than China and reduced reciprocal tariffs to 10% in the interim.
The tit-for-tat tariff war between the U.S. and China has embarked on a roller-coaster rise for the world market and crypto is no exception. Just hours before, ETH price fell below the $1,400 and revisited March 2023 low and now it has entered in a full swing mode.
With the sharp pump, ETH price is now trading at $1,662 – up 12.36% in the past 24 hours – with a trading volume of $36.04 billion. It has now recaptured a $200 billion market cap and showing bullish market movement.
As ETH surges tremendously just after marking two years low, this movement could be pivotal as the market turns bullish and tariff uncertainty takes hold for now.
Is this ETH’s Comeback?
While ETH was the most sold and retraced crypto asset on the Tariff war pessimism, it has now come back with a strong bounce and it’s likely that the rally will continue for the next three months as the market currently sees no barrier against the rise.
Noting the price action, a popular crypto trader and analyst, CryptoBullet notes that this move is driving positive sentiment for ETH and he emphasizes the $1550 level as a critical threshold.
The trader hopes for a weekly candle to close above this mark and form a green hammer candlestick. This formation is a bullish reversal pattern that indicates strong buying pressure after a downtrend.
CryptoBullet also references to a “mid-term rally scenario,” which draws parallels to historical market patterns like the 2021 Bitcoin rally followed by a correction. This suggests a potential three-month upward trend for ETH and provides a window for market growth during the tariff pause.
Moreover, the upcoming Pectra upgrade would mark a key milestone for Ethereum and as every major upgrade leaves a notable impact on ETH price, this time it could play out well in favor of the largest altcoin.
Also Read: Bitcoin Breaks $82000 as Trump Announces Pause on Tariffs
