Donald Trump’s new tariff move against China and some other countries caused a sharp decline in Bitcoin and altcoins. Although BTC and altcoins recovered afterwards, an analyst said that the price of Ethereum (ETH) could fall even further if the US-China trade conflict escalates.
Andrew Kang, co-founder of crypto investment firm Mechanism Capital, said in a post on his X account that if the trade conflict between the US and China continues, the Ethereum (ETH) price could drop to between $2,200 and $2,400.
Kang also noted that the $2,900 to $3,000 range could be a short-term resistance level for ETH.
Back to 2200-2400 if China trade war is real https://t.co/DYcujirvYO
— Andrew Kang (@Rewkang) February 4, 2025
Buying Opportunity?
While Ethereum was one of the altcoins that suffered the biggest losses in the decline, whales also saw this decline as a buying opportunity.
At this point, a whale that was successful in finding the bottom bought Ethereum again. Accordingly, the whale that bought during the big drop in August 2024 and has over $1 billion worth of cryptocurrency in its portfolio bought a large amount of ETH today.
Ethereum (ETH), which has gained 5.4% in the last 24 hours, continues to be traded at $2,710 at the time of writing.
*This is not investment advice.
