Ethereum ($ETH
)
$2,535.49
The price of Ethereum has dropped by more than 7% in the last twenty-four hours, falling from a session high of $2,770.56 to a low of $2,477.71 before recovering slightly to $2,536 at the time of publication.
This sharp decline came amid a broad trend towards risk aversion in global markets following the Israeli airstrikes on Iranian military infrastructure, a significant escalation in tensions in the Middle East that surprised investors.
According to a report by CNBC, Israeli Prime Minister Benjamin Netanyahu stated that the strikes were part of a "targeted military operation" against Iranian nuclear and military programs. Iran responded by launching around 100 drones towards Israel in retaliation. While the United States denied direct involvement, Secretary of State Marco Rubio confirmed that America's priority is to protect its regional forces.
In response to increasing geopolitical risks, investors turned to traditional safe-haven assets. The US dollar rose by 0.6% on Friday morning, rebounding from a three-year low recorded the previous day. Gold also rose to nearly its highest level in two months, while oil futures jumped by 13% before giving up some gains. The strength of the dollar was particularly notable, outperforming other safe-haven currencies such as the Swiss franc and Japanese yen.
Market strategists indicated that the depth and duration of the conflict - especially its impact on oil - will affect investor behavior in the future. ING analysts stated that the rebound of the dollar was noticeable, even if it was less than expected. Meanwhile, a survey by Bank of America showed that traders are still holding short positions on the dollar, although their conviction in this trade has not yet wavered.
The sharp decline of the $ETH coincided with similar weakness in high-risk assets in stock, bond, and commodity markets. While prices have stabilized above $2,530 for now, volatility is likely to remain high as traders absorb the evolving geopolitical situation.
Key technical analyses
The price of ETH dropped from $2,770.56 to $2,477.71 - a decrease of 10.6% during the day.
Trading volume increased to 692,000 ETH as selling intensified during the evening hours in the United States.
The price briefly rebounded from the $2,480 area but faced resistance below $2,550 trillion.
The recent rapid movement formed a tight consolidation range between $2,530 and $2,540.
The gradual decline in trading volume indicates short-term exhaustion, but no reversal has been confirmed yet.
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