Ether (ETH) fell more than 7% in the past 24 hours, dropping from a high of $2,770.56 to a low of $2,477.71 before recovering slightly to $2,536.
The decline followed a broad risk-off reaction in global markets after Israeli airstrikes targeted Iranian military sites, escalating tensions in the Middle East. Israeli Prime Minister Benjamin Netanyahu described the strikes as a “targeted military operation” against Iran’s nuclear and missile programs. Iran retaliated with approximately 100 drones toward Israel. The U.S. denied direct involvement but emphasized protection of its regional forces.
Investors moved toward traditional safe-haven assets amid the heightened geopolitical risk. The U.S. dollar rose 0.6%, rebounding from a recent three-year low. Gold approached a two-month high, and oil futures surged as much as 13% before easing. The dollar’s rally stood out as it outperformed safe-haven currencies like the Swiss franc and Japanese yen.
Market analysts noted that the conflict’s duration and impact on oil markets would influence investor strategies. ING highlighted the dollar’s notable rebound, while Bank of America indicated traders remain heavily short on the dollar, though with reduced conviction.
Ether’s price drop mirrored sell-offs across equities, bonds, and commodities. After stabilizing above $2,530, heightened volatility is expected as the situation develops.
Technical Highlights
- ETH experienced a 10.6% intraday decline, from $2,770.56 to $2,477.71.
- Trading volume surged to 692,000 ETH during increased selling in U.S. evening hours.
- The price briefly bounced near $2,480 but encountered resistance below $2,550.
- Current trading consolidates tightly between $2,530 and $2,540.
- Volume trends suggest short-term selling exhaustion without a confirmed reversal.
Disclaimer: Portions of this article were produced with AI assistance and reviewed by our editorial team for accuracy and compliance with CoinDesk’s AI Policy.