Ether Drops Over 7% Amid Global Risk-Off Sentiment Following Middle East Tensions
Ether (ETH) decreased over 7% in 24 hours, dropping from $2,770.56 to a low of $2,477.71, recovering slightly to $2,536 at the time of reporting.
This decline was driven by increased geopolitical risks following Israeli airstrikes on Iranian military sites, leading to heightened tensions in the Middle East and a broader risk-off trend in global markets.
Main points include:
- Israeli airstrikes targeted Iran's nuclear and missile programs; Iran retaliated with drone attacks.
- The U.S. dollar rose 0.6%, gold neared a two-month high, and oil futures spiked up to 13% before settling.
- Market analysts suggest that the ongoing conflict will influence investor behavior, particularly regarding oil prices.
- ETH's drop mirrors weakness seen in other risk assets, including equities and commodities.
Technical Analysis Highlights
- ETH fell from $2,770.56 to $2,477.71 — a 10.6% intraday decline.
- Trading volume increased to 692,000 ETH as selling intensified during U.S. evening hours.
- Price rebounded briefly off the $2,480 level but faced resistance below $2,550.
- Current price consolidation is between $2,530 and $2,540.
- Declining volume indicates potential short-term exhaustion, without a confirmed reversal yet.