$ETH
Will $ETH break the support of $2,400?
The Ethereum ETH cryptocurrency has seen a sharp decline of double digits today, coinciding with escalating geopolitical tensions between Israel and Iran, which has weakened investor confidence and caused turmoil in global markets.
On-chain data indicates that this sharp drop in ETH price has led to an increase in the number of short positions in the futures market, suggesting that a large number of traders are expecting further losses.
The airstrikes carried out by Israel on Friday heightened concerns about the widening conflict in the Middle East, causing a wave of panic that swept through both traditional and digital markets.
Ethereum, the second-largest cryptocurrency by market capitalization, was significantly affected, plummeting by more than 10% in the past twenty-four hours amid rising geopolitical anxiety.
On the other hand, a return of buying momentum could negate the negative outlook. If this occurs, the price of Ethereum may rebound towards the level of $2,745.