Ethereum's price has been under pressure today, primarily due to China's imposition of retaliatory tariffs against the United States. This move has sent shockwaves through various financial markets, including cryptocurrencies, with Ethereum experiencing a notable decline. The tariffs have heightened fears of a prolonged trade confrontation, which has negatively impacted risk sentiment across the board. As a result, Ethereum has been at the forefront of the crypto market's downturn, reflecting the broader market's reaction to geopolitical tensions.
Adding to the downward pressure on Ethereum is the recent sell-off by the Ethereum Foundation, which offloaded 100 ETH. This action has contributed to negative market sentiment, as investors remain cautious about the potential implications for Ethereum's price trajectory. The foundation's decision to sell ETH has coincided with broader market turbulence, further exacerbating the cryptocurrency's decline. Despite these challenges, some market participants remain optimistic about Ethereum's long-term prospects, particularly if it can overcome current resistance levels.
Ethereum's price has fallen by 6.19% today, currently trading at $2,704.72. The cryptocurrency reached a high of $2,886.30 earlier in the day but has since retreated to a low of $2,671.70.