ETH Struggles to Break Overhead Resistance Amid GENIUS Act Boost and US-EU Trade Tensions

On July 19, US President Trump intensified trade tensions by insisting on maintaining import tariffs between 15%-20% on EU goods, particularly targeting the automotive sector. This development has sparked concerns over the stability of global trade dynamics, impacting investor sentiment across markets. Concurrently, the signing of the GENIUS Act marks a pivotal regulatory advancement for stablecoins, potentially solidifying the regulatory framework for US dollar-backed digital assets and offering a medium-term boost to the cryptocurrency sector.

Ethereum (ETH) has experienced notable volatility following its recent surge from $3,000 to a trading range of $3,570-$3,690. The asset has encountered significant resistance near key high-density liquidation zones, indicating persistent overhead pressure. Critical support levels are identified at $3,450 and $3,330; a breach below these could lead to further testing of the $3,200-$3,100 long liquidation zone, signaling potential downside risk in the short term.

Market analysts from Bitunix emphasize that while the GENIUS Act enhances market confidence, prevailing macroeconomic headwinds maintain a cautious environment for risk assets. Ethereum’s price action reflects this sentiment, as it consolidates within a tight range amid ongoing liquidation pressures. Investors should monitor support thresholds closely to gauge potential shifts in market momentum.

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