Ethereum Breaks Below $2,320 Support Level Amid Geopolitical Tensions

Ethereum Breakdown Analysis

Ethereum has fallen below the critical support level of $2,320, marking a significant shift in market dynamics. This decline was primarily triggered by geopolitical tensions following U.S. attacks on Iranian nuclear facilities, leading to panic selling across crypto markets.

Key details include:

Ethereum lost over 22% since early June highs, now trading around $2,260.
The asset broke its six-week consolidation range, raising concerns among investors.
Analyst Big Cheds notes a potential tower top pattern on Ethereum's weekly chart, indicating possible further downside if key levels are not reclaimed.
Market sentiment is cautious as traders reassess risk amid ongoing global instability.
Volume spikes suggest panic selling, with previous demand zones weakening significantly.
If buyers do not enter soon, prices could revisit May support levels near $2,100 or $2,000.

Traders should closely monitor the upcoming sessions for signs of recovery or extended decline, as Ethereum's next moves will influence the overall altcoin market sentiment.