$ETH

Price drop of 8.65% in 24 hours reflects a sentiment of geopolitical risk, the change in crypto taxation in Brazil, and a technical break below the key support.

Geopolitical tensions: The conflict in the Middle East triggered $1.14 billion in crypto liquidations, with ETH losing 10% in two days.

Regulatory pressure: Brazil has abolished tax exemptions on cryptocurrencies, potentially reducing the liquidity of ETH in its $1.7 trillion economy.

Technical break: ETH has broken the Fibonacci support from $2,500 to $2,450 (61.8% level at $2,458), risking a further drop to $2,344.