Scenario A: Continued Risk Aversion

If geopolitical tensions escalate (for example, a new Iranian response or proxy escalation), ETH may test the support level at $2400 and possibly drift towards $2000.

Continued liquidations may lead to further price declines as traders exit their positions in a volatile environment.

Scenario B: Stabilization and Pullback

If tensions ease - perhaps due to backchannel communications or a decrease in response - a technical recovery could occur. Historically, markets have recovered after initial fallout.

Watch the key resistance level near $2700 - $2800; a rebound and rejection in this area could be significant.