Ethereum Faces Volatility Amid Geopolitical Tensions and Technical Patterns
Ethereum Market Overview
- Ethereum is experiencing volatility due to geopolitical tensions, particularly the Israel-Iran conflict.
- After breaching the $2,800 resistance, ETH retraced sharply, indicating market hesitation.
- Current price action shows Ethereum testing support around $2,530 after a decline from local highs of $2,830.
- Analyst Big Cheds noted a technical pattern suggesting indecision and possible weakness at current levels.
- ETH has lost over 15% since last Wednesday but remains within its broader consolidation zone.
- A close above $2,800 could signal renewed bullish momentum; failure to maintain this level raises risks of dropping towards $2,500–$2,550.
- Rising US Treasury yields and ongoing geopolitical issues contribute to increased market volatility.
Outlook
- Bulls need to reclaim the $2,650–$2,770 resistance zone to revive bullish sentiment.
- A decisive break below $2,500 may lead to further declines toward the 50-day moving average near $2,380.
