🚨 Drop Due to Geopolitical Tension

ETH dropped more than 7%, falling from around $2,770 to lows near $2,480–2,530 in immediate reaction to Israel's attacks on Iran, reflecting risk movements towards the dollar and gold.

CoinDesk reports a drop of approximately 7.05%, reaching $2,536.06.

📊 Uncertainty Due to Expiring Options

Today, about $3.7 billion in BTC and ETH options are expiring, with around $687 million in ETH, having the “max pain” at $2,700 — which may generate high volatility throughout the day.

🔍 Technical Outlook and Support

ETH has touched key supports between $2,480–2,500, with a slight bounce towards $2,530.

Some analysts suggest that this drop may present a rebound opportunity if the current support holds.

💡 Long-term Valuation

A new valuation framework defines it as the “digital oil”, with a bullish case that could take it to $8,000 in the short term, according to Etherealize, aimed at institutional investment.

A detailed report (the “Bull Case for ETH”) has been published bringing this approach to institutional investors.

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🔎 In Summary

1. $ETH has undergone a significant correction (>7%) due to risk aversion triggered by the crisis in the Middle East.

2. High volatility is expected today due to the expiration of a massive volume of options.

3. From a technical perspective, the focus is on whether support at $2,480–2,500 holds; if so, recovery may begin.

4. In the medium to long term, institutional positioning remains bullish, with robust theses pointing towards very high price scenarios.