Ethereum Price Rally Stalls since Economist keeps 60% recession chances of recession

ethereum Price withdrew and deleted some of the profits previously obtained on Thursday, since the concerns about trade remained.

ethereum (eth), the second upper cryptocurrency, fell to $ 1,560, below the maximum intradic of $ 1,700. Other alternative alternatives such as ZCash (ZEC), Tazos (XTZ) and EOS (EOS) also withdrew from their highest levels during the day. bitcoin fell from $ 82,000 to $ 80,000.

ethereum and these Altcoins fell next to the broader stock market, with Dow Jones and Nasdaq 100 indices falling into 950 and 650 points, respectively.

The main driver of this retirement is the growing concern that the United States can go to a recession, even after Donald Trump stopped some of his tariffs on the release day..

In a publication about x, Mark Zandi, chief economist of Moody's, warned that there was a 60% chance of the United States entering a recession this year. Their comments have weight, since Moody's is the second largest qualification agency worldwide, and Zandi is considered one of the country's main economists.

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Zandi pointed out the current commercial war between the United States and China, with both countries increasing tariffs. Chinese products entering the US. UU. They are now subject to a rate of 125%, while the United States is charged 85% in exports to China. This is particularly significant, since the two nations are among the largest commercial partners worldwide.

He also stressed that the United States still maintains a 10% rate on the goods of other countries, with specific sectors such as cars, steel and aluminum rates of 25%. As a result, Zandi estimates the effective rate of the USA. UU. With 20%, much higher than that of most other countries.

Technical analysis of ethereum Price

The weekly table shows that ethereum remains in a bearish trend as the recession persists. The decrease began after eth formed a triple pattern at $ 4,065. Subsequently, it broke below the key support level of $ 2.125, its lowest level from October last year. It also fell below the ascending trend line that connects swing minimums since June 2022.

The relative force index and MACD indicators point down, with the RSI near over -sales territory. Therefore, the price of ethereum will probably continue to fall, with sellers pointing to the next key psychological level in $ 1,000.