Ethereum's price has faced significant pressure today, primarily due to the invalidation of a key bullish pattern and increased selling pressure from the Ethereum Foundation. The cryptocurrency recently broke below a crucial support level, invalidating an inverse head and shoulders pattern, which has heightened concerns about further declines. Additionally, the Ethereum Foundation's decision to sell 100 ETH has added to the negative sentiment, as investors worry about the potential impact on Ethereum's price trajectory.
The broader crypto market has also been affected by geopolitical developments, particularly the U.S. President Donald Trump's tariff announcements. Although a temporary pause on tariffs for Canada and Mexico has sparked some optimism, the initial announcement led to a sell-off across financial markets, including cryptocurrencies. This uncertainty has contributed to Ethereum's struggles, as investors remain cautious amid the ongoing geopolitical tensions.
Ethereum's price has dropped by 6.61% today, reaching a low of $2,692.64.