Ethereum prices were pulled back and some of the profits made on Thursday were erased as trade concerns remained.
The second-top cryptocurrency, Ethereum (ETH), fell from upstream of $1,700 to $1,560. Other top altcoins, such as ZCASH (ZEC), Tezos (XTZ), and EOS (EOS), were also pulled back from their highest levels during the day. Bitcoin fell from $82,000 to $80,000.
Ethereum and these Altcoins fell alongside the broader stock market, with the Dow Jones and Nasdaq 100 indexes falling 950 and 650 points respectively.
The main factor in this hideout is raising concerns that the US may be heading for a recession, even after Donald Trump suspends some of his release date's tariffs.
Moody's chief economist Mark Zandy warned in an X post that there is a 60% chance that the US could enter a recession this year. His comments weigh heavily as Moody's is the second largest rating institution in the world and Zandy is considered one of the nation's top economists.
It was encouraging to see the president turn himself around with so-called “mutual” tariffs yesterday, but I was not so comforted by it as the world trade war continues to rage. This year, we have raised the possibility of a recession this year to 60%.
– Markzandi (@markzandi) April 10, 2025
Zandi pointed to an ongoing trade war between the US and China, and the two countries escalated tariffs. Currently, Chinese goods in the US are subject to 125% tariffs, and the US is charged 85% for exports to China. This is especially important given that the two countries are one of the largest trading partners in the world.
He also emphasized that the US maintains 10% tariffs on goods from other countries, with certain sectors facing 25% tariffs, such as automobiles, steel and aluminum. As a result, Zandi estimates that the US tariff rate is much higher than most other countries at 20%.
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Ethereum price technology analysis
ETH Price Chart | Source: crypto.news
The weekly chart shows that Ethereum remains in a downtrend as the fear of the recession continues. The decline began after ETH formed a triple top pattern at $4,065. It then fell below the main support level of $2,125, which is the lowest level since last October. Also, since June 2022, it has fallen under the uptrend line connecting swinglows.
The relative strength index and MACD indicators are facing downwards, with RSI approaching unsold territory. So Ethereum prices probably continue to fall, with sellers targeting the next important psychological level at $1,000.
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