Ethereum Faces Selling Pressure Amid Geopolitical Tensions and Market Volatility

Ethereum experienced significant selling pressure due to geopolitical tensions following Israel's attack on Iran, affecting global markets and crypto investments. A spike in volatility pushed Ethereum below the critical $3,000 resistance, retracing from recent highs.

Key points:

Ethereum is currently testing support for the ETH/BTC pair, which could indicate a potential breakout if it holds.
Despite the correction, Ethereum has surged over 100% since April, marking it as a strong asset in the market.
Analysts suggest Ethereum may trigger capital rotation into altcoins, supported by increasing DeFi activity and positive on-chain metrics.
However, ongoing geopolitical tensions contribute to market volatility and uncertainty.
Recent price action shows Ethereum rejected near $2,830, now positioned around $2,512 after failing to hold key moving averages.
If Ethereum cannot reclaim the $2,600–$2,620 area soon, it may target the $2,400 demand zone.

Ethereum’s relative performance against Bitcoin remains critical in determining the broader market's next phase. A successful defense of current levels could lead to altseason, whereas failure may signal further downside risk.