updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.
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Ethereum price started a increase from the $1,550 zone. ETH is now rising and might attempt to recover above the $1,650 resistance.
Ethereum price remained stable above the $1,500 level and started a fresh increase, like Bitcoin. ETH traded above the $1,550 and $1,600 levels to enter a short-term positive zone.
There was a break above a connecting bearish trend line with resistance at $1,590 on the hourly chart of ETH/USD. The pair even cleared the $1,620 resistance. A high was formed at $1,644 and the price is stable above the 23.6% Fib retracement level of the upward move from the $1,566 swing low to the $1,644 high.
Ethereum price is now trading above $1,600 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,640 level. The next key resistance is near the $1,650 level. The first major resistance is near the $1,680 level.
A clear move above the $1,680 resistance might send the price toward the $1,720 resistance. An upside break above the $1,720 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $1,800 resistance zone or even $1,840 in the near term.
If Ethereum fails to clear the $1,650 resistance, it could start a downside correction. Initial support on the downside is near the $1,620 level. The first major support sits near the $1,605 zone and the 50% Fib retracement level of the upward move from the $1,566 swing low to the $1,644 high.
A clear move below the $1,605 support might push the price toward the $1,580 support. Any more losses might send the price toward the $1,550 support level in the near term. The next key support sits at $1,500.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $1,600
Major Resistance Level – $1,650
The global crypto market should once again brace for a potential turbulence as the United States President, Donald Trump, reignited trade war tensions, teasing a fresh round of reciprocal tariffs.
On Thursday, Trump shared his intention to impose tariffs mirroring the rates other nations charge for American goods, potentially escalating global economic uncertainties. This move, coupled with inflation concerns, could lead to increased market volatility as Bitcoin, often regarded as a hedge against fiat instability, shows signs of weakness.
“THREE GREAT WEEKS, PERHAPS THE BEST EVER, BUT TODAY IS THE BIG ONE: RECIPROCAL TARIFFS!!! MAKE AMERICA GREAT AGAIN!!!” said Trump via Truth Social.
Trump’s proposed tariffs aim to address what he calls “unfair trade practices,” targeting countries such as India, Brazil, Vietnam, and others with high import duties on American goods. The reciprocal tariffs are expected to particularly impact developing economies, where the gap between US tariffs and foreign import duties is significant.
While the plan aligns with Trump’s protectionist economic policies, critics argue that tariffs could burden American consumers by raising the costs of imported goods. Furthermore, ongoing trade negotiations with Indian Prime Minister Narendra Modi suggest a potential easing of tariffs on Indian exports, but uncertainty looms over broader trade relations, especially with China and Mexico.
Bitcoin (BTC), often considered a hedge against economic turmoil, crashed massively following the previous tariff announcement by Trump during the beginning of February. The market leader dropped from $102K to $91K in a matter of hours but then shot up to $98K the next day.
At the time of writing, BTC is trading at $95,717, marking a 2.20% decline in the last 24 hours. The cryptocurrency briefly touched a high of $98,083, but selling pressure drove prices lower, with a daily low of $95,336.
Meanwhile, as clear from the daily chart provided by TradingView below, the Relative Strength Index (RSI) for Bitcoin stands at 42.43, below the neutral 50 mark, suggesting strong bearish control. The gradient of the line indicates weakening momentum and a potential move toward oversold conditions in the near future.
Source: TradingView
Historically, when #Bitcoin $BTC dips below the 111-D MA, major price moves follow! That level now stands at $93,400! pic.twitter.com/OST8CcfdLN
— Ali (@ali_charts) February 13, 2025
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
