The price of Ethereum (ETH) has dropped over 4% to trade at around $2,400 following tension in the Middle East. The war between Israel, Hamas, Hezbollah, and Iran has negatively impacted market sentiment, leading to outflows of $48.6 million from Ethereum ETFs. However, spot traders on crypto exchanges are showing buying pressure, potentially causing the altcoin to bounce back from its $2,395 support level. Despite the price decline, Ethereum funding rates remain positive, suggesting that many derivatives traders are still bullish. If the war tension continues, ETH may break its support level, but there is a crucial demand zone at $2,350 where buyers could step in. The oversold region of the Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) indicate bearish momentum. A daily close below $2,207 would invalidate the current thesis.
- Content Editor ( fxstreet.com )
- 2024-10-03
Ethereum could bounce off key support level as Middle East crisis weigh on crypto market