- Ethereum dropped 85%, then rebounded 350% before another 62% correction
- Ethereum’s structure mirrors Bitcoin’s last bull cycle with a projected 1234% rally
- Tariff threats triggered a drop below $2600 as resistance near $2800 attracted selling pressure
Ethereum’s recent price movements mirror Bitcoin’s path in its last bull market. The price of ETH fell by 85% for a long period before it began to rise by 350%. The increase was immediately followed by a 62% drop, which matches Bitcoin’s previous behavior.
Earlier, the Bitcoin market rose strongly by 1,190%, hitting a high of $63,650.95. Ethereum’s structure, much like before, could predict a big dip and then a rapid rise. According to the forecast, the next cycle for Ethereum could see it skyrocket by 1,234.60% to a target of $18,784.62.
However, a strong market symmetry was confirmed by identical trends in the movements of both assets. These observed movements form the technical backdrop for Ethereum’s current positioning. However, short-term volatility has clouded this trajectory, with macroeconomic pressures disrupting momentum.
Tariff Fears Trigger Ethereum Pullback After April Rally
Ethereum fell below $2,600 following a previous price above $2,700 earlier this week. This decline followed after President Trump declared new 50% tariffs on goods from the EU and a 25% levy on Apple devices assembled outside the U.S. As a result of the news, all risk assets, including digital currencies, saw a market correction.
The price of Ethereum fell as investors focused on the possible consequences of new trade barriers. Earlier, the altcoin had rallied and risen over 70% from its lowest point on April 7, which was $1,470. The rebound happened as U.S. trade negotiations with important partners calmed the atmosphere of tariff tensions.
Furthermore, with tensions resurfacing, Ethereum’s exchange reserves saw a 70K ETH uptick on Friday, based on CryptoQuant data. April 24 marked the first day reserves started to decline, and they only increased today.
Technical Indicators Show Consolidation Amid Tariff Uncertainty
Ethereum has regrouped between $2,500 and $2,650 after a rise from its April lows. The price rose again to near the 23.6% level, scaling up to $2,558, but failed at $2,734. Afterward, it returned to the 38.2% retracement point at around $2,500. The 61.8% resistance level is still in place, around $2,684. Currently, on-chain indicators point to an unbiased result.
The RSI index fell to 48 after being overbought before. At the same time, the MACD was flattening, and a small rise in its histogram was observed. It means we may see less selling pressure, although there isn’t enough evidence yet for a reversal.
A move above $2,650 could cause the market to turn bullish. However, Ethereum could drop further if it loses the $2,500 mark. At the time of writing, Ethereum was trading at $2,560 and above important short-term support due to ongoing macro factors.
Moreover, Ethereum’s $2,700 remained a struggle due to sellers’ build-up near $2,800. According to data from Glassnode, many people entered the market at this spot.
