CandleFocus Ethereum could decline to $2,207 if Middle East war tension escalates
2024-10-02
Author: Content Editor
Ethereum (ETH) is experiencing a downtrend in the crypto market due to war tensions in the Middle East. The altcoin dropped below the $3,500 level after news of Iran launching a missile attack on Israel. The situation may worsen if tensions escalate and Israel retaliates. Ethereum exchange reserves have increased, indicating higher selling pressure. Ethereum ETFs saw a net outflow of $0.8 million, while Bitcoin ETFs had a net inflow of $61.3 million. The underperformance of ETH ETFs compared to Bitcoin is attributed to the difficulty traditional investors have in understanding and accepting Ethereum's investment narrative. Ethereum is currently trading at around $2,480 and has experienced significant liquidations. It has crossed below its key support levels and moving averages, suggesting increased bearish pressure. The next support level to watch is $2,395, and a breach may send ETH towards $2,207.
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