Ethereum weakens as Trump ends trade talks with Canada

Ethereum ($ETH ) has decreased by 1% in the past 24 hours, continuing to be blocked at the resistance level of $2,500. The unexpected move from U.S. President Donald Trump – announcing the termination of all trade talks with Canada – has added to the market's instability, resulting in selling pressure across the cryptocurrency market.

While Wall Street surged thanks to the U.S.-China deal, Ethereum slid below $2,400. Investor sentiment has clearly deteriorated, as evidenced by the low weighted sentiment index and the prolonged negative funding rate throughout the week. Total liquidations in the ETH futures market exceeded $50 million, primarily from Long positions.

A concerning signal is the "death cross" forming between the 50-week SMA and the 100-week SMA – a pattern that previously led to a 35% drop at the end of 2022. If repeated, ETH could slide to the $1,700 range.

The $2,850 level is currently a decisive barrier for the upcoming trend: if broken, ETH could recover to $3,400; conversely, a bearish pattern will continue to be triggered.

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