Ether (ETH) fell more than 7% within 24 hours, dropping from a high of $2,770.56 to a low of $2,477.71 before slightly recovering to $2,536 at the time of reporting.
The decline followed heightened geopolitical tensions after Israeli airstrikes targeted Iranian military sites, marking a significant escalation in the Middle East. Israeli Prime Minister Benjamin Netanyahu described the strikes as a “targeted military operation” against Iran’s nuclear and missile capabilities. In retaliation, Iran launched roughly 100 drones toward Israel.
While the United States denied direct involvement, Secretary of State Marco Rubio stressed that America’s focus remains on protecting its regional forces.
Amid rising geopolitical risk, investors sought traditional safe-haven assets. The U.S. dollar surged 0.6%, recovering from a three-year low, while gold approached a two-month peak. Oil futures briefly jumped as much as 13% before easing. Notably, the dollar outperformed other safe-haven currencies like the Swiss franc and Japanese yen.
Market analysts highlighted that the duration and impact of the conflict, particularly on oil prices, will influence future investor decisions. ING noted the dollar’s rebound as significant though somewhat muted. Bank of America reported traders remain heavily short on the dollar but with persistent conviction in that position.
ETH’s drop coincided with declines in equities, bonds, and commodities. Although prices stabilized above $2,530, volatility is expected to persist as markets adjust to ongoing developments.
Technical Analysis
- ETH experienced a 10.6% intraday decline from $2,770.56 to $2,477.71.
- Trading volume surged to 692,000 ETH amid increased selling during U.S. evening hours.
- Price briefly bounced near $2,480 but met resistance below $2,550.
- Current price movement is consolidating between $2,530 and $2,540.
- Declining volume suggests short-term selling exhaustion but no confirmed trend reversal.
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