$ETH has experienced a significant drop, falling below $2,500 USDT at times. This decline is largely attributed to the escalating tensions in the conflict between Israel and Iran, which has generated a general risk aversion in global markets, including the cryptocurrency market.

Despite the current drop, the most notable news is the revelation that SharpLink Gaming has made a massive purchase of 176,270.69 ETH for $462.9 million, becoming the largest public company to own Ethereum. This acquisition, although it has not managed to reverse the overall bearish trend of the market, highlights the growing institutional interest in Ethereum.

Technical analysts suggest that ETH needs to stay above $2,300 to maintain a long-term bullish outlook, despite the current volatility.