Ether (ETH) fell more than 7% in the past 24 hours, sliding from a high of $2,770.56 to a low near $2,477.71 before a slight rebound to around $2,536.
The drop follows a broader risk-off trend in global markets triggered by Israeli airstrikes targeting Iranian military sites, escalating Middle East tensions unexpectedly. Israeli Prime Minister Benjamin Netanyahu described the strikes as a “targeted military operation” against Iran’s nuclear and missile programs. Iran retaliated with about 100 drones launched toward Israel. The U.S. denied direct involvement, with Secretary of State Marco Rubio stressing U.S. priorities to protect its regional forces.
Increased geopolitical risk drove investors toward traditional safe-haven assets. The U.S. dollar rose 0.6%, recovering from a three-year low, while gold approached a two-month high. Oil futures surged up to 13% before easing back. The dollar outperformed other safe currencies such as the Swiss franc and Japanese yen.
Market experts suggest ongoing conflict severity and oil market impacts will influence investor actions. ING analysts viewed the dollar rebound as significant but somewhat muted. Bank of America reported traders remain heavily short on the dollar, though skepticism toward this position persists.
ETH’s decline mirrored weaknesses across equities, bonds, and commodities. Prices have stabilized just above $2,530, but volatility is expected to continue amid geopolitical uncertainty.
Technical Summary:
- ETH dropped 10.6% intraday, from $2,770.56 to $2,477.71.
- Trading volume spiked to 692,000 ETH during intensified selling, especially in U.S. evening hours.
- Price briefly bounced near $2,480 but faced resistance under $2,550.
- Consolidation occurred between $2,530 and $2,540.
- Declining volume indicates short-term selling exhaustion, yet no clear reversal.
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