Leading Altcoin price, US President Donald Trump’s plan to announce mutual customs tariffs for various countries next week saw a significant decline on Friday. This move increased the global trade war tensions, which had a heavy burden on the crypto market last week. Crypto analyst Michael Ebiekutan says ETH may face a collapse.

Trump does not stop, Ethereum faces sales pressure!

According to Reuters, President Trump, Japanese Prime Minister Shigeru Ishiba in his meeting, the United States of other countries to apply to the US goods of customs duties will apply similar to similar. “I will explain this next week, mutual trade, so we will be treated equally with other countries, Tr Trump said.

The crypto market reacted negatively to this news and the total market value fell over 3 %. The leader Altcoin price lost more than 4 %of its value and pioneered the losses between the best cryptos. A similar decline was seen in the traditional stock market and fell 75 points after the S&P 500 announcement. This underlines the increasing positive correlation between crypto currencies and the US stock exchange.

Global trade war creates tension in the markets!

As you have followed from Kriptokoin.com, President Trump announced last Friday for customs duties for Mexico, Canada and China. The tension in the markets dates back to these explanations. When the market opened on Monday, both crypto and stocks experienced a sharp decline. Ethereum fell approximately 30 %before seeing a quick recovery after Trump reached a decision to pause the tariffs intended with Mexico and Canada.

If Trump puts the mutual tariff plan next week, this may increase the tendency to decline in the crypto market and Ethereum may potentially be heavily affected, as it shows in the last few days. Meanwhile, Ethereum ETFs performed better than Bitcoin ETFs last week after Blackrock’s increasing print pressure. According to Coings data, BTC ETFs have only entered a net entering 32.5 million dollars since the beginning of the week, while ETH ETFs recorded over $ 420 million in the same period.

Altcoin price is at risk: It may decline to $ 1,200!

According to CoNSS data, Ethereum has seen a term of $ 65.43 million in the last 24 hours. The total amount of Long and Short liquidation was 48.28 million dollars and $ 17.15 million, respectively. In the daily graph, Ethereum tests the lower border line of a decreasing channel after seeing a rejection close to $ 2,817. A high -volume closing below this channel can send ETH to $ 1,200 if the support level of around $ 2,150 fails.

ETH/USDT Daily Graphics

In the upward direction, if the ETH bounces from the lower limit support line, it may increase to test the upper boundary resistance line of the decreasing channel. A break on the channel may cause ETH to rise to $ 4,500. Meanwhile, the rectangular channel between $ 2,817 and $ 2,150 can be very important because ETH is connected to the range between ETH and early November. If ETH continues to see a rejection of around $ 2,817, he can probably perform a similar consolidation movement. The relative power index (RSI) and the stochastic oscillator (Stoch) momentum indicators are below neutral levels and indicate the dominant decrease momentum.

The opinions and estimates in the article belong to the analyst and are not definitely investment advice. As Kriptokoin.com, we recommend that you do your own research before investing.