Ethereum extended the selloff after Trump stated on Truth Social that the US doesn’t need a deal with Iran, triggering another wave of risk-off flows across markets. The US dollar and Treasury yields jumped following his remarks on increased inflation concerns and expectations of additional rate hikes. This continues to create a challenging environment for risk assets amid higher real yields and tighter financial conditions that could ultimately lead to a slowdown in economic growth.For now, the macro backdrop remains negative for Ethereum. We will likely need a concrete breakthrough in US-Iran negotiations or a more dovish Fed to trigger a relief rally in the cryptocurrency. ETHEREUM TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see that Ethereumextended the selloff and eventually reached the 1,900 level. We can expect the buyers to pile in around these levels, with a defined risk below the 1,850 level, to position for a rally into the 3,400 resistance, with the downward trendline as the first target. The sellers, on the other hand, will want to see the price breaking lower to increase the bearish bets into the 1,500 level next. ETHEREUM TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we have a downward trendline defining the bearish momentum. If we get a pullback, we can expect the sellers to lean on the trendline, with a defined risk above it, to keep targeting the 1,500 level. The buyers, on the other hand, will want to see the price breaking higher to extend the pullback into the major downward trendline.ETHEREUM TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, there’s not much we can add here as the sellers will have a better risk to reward setup around the trendline, while the buyers will need a breakout to open the door for new highs. The red lines define the average daily range for today.UPCOMING CATALYSTSTodaywe conclude the week with the US PPI data. This article was written by Giuseppe Dellamotta at investinglive.com.