Ethereum price fell to an intraday low of nearly $2,250 on Monday as hopes for a peace deal in the U.S.–Iran conflict faded.
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- Ethereum price fell over 3% to $2,258, down more than 6% from its recent high, as U.S.–Iran tensions weighed on risk sentiment.
- Ethereum’s price is consolidating within an ascending triangle that has been in place for several months. The key resistance at $2,378 and the downside validation of $2,200 are both present.
- The Spot Ethereum ETFs have recorded an inflow of $425 Million over a seven-day period, indicating a sustained demand from institutions.
Crypto.news reports that Ethereum (ETHThe price of the token fell by over 3%, to $2258 in Monday’s trading, before it settled at $2,300 as we press. This token’s price has dropped over 6% since its Friday peak. tensions between the U.S. and Iran escalated Over the Strait of Hormuz is driving oil prices up again, and investors’ appetite for risk assets such as cryptocurrencies has deteriorated.
Recently, reports Investors are in a waiting-and-watching mode, as they wait for further clarification on the geopolitical situation.
A glance at Ethereum charts reveals that, despite the market’s bearishness, the token currently is consolidating inside a key technical structure.
Ethereum has formed a triangle-shaped pattern on the daily graph, consisting of an flat level for resistance and a rising line of support. A breakout of the horizontal pattern line which is a strong resistance line confirms the bullish breakout and can lead to significant price increases.
A breakout of this pattern for Ethereum could lead to a price increase to $3 076, which is calculated by multiplying the height the triangle has formed with the final point where the price breaks the resistance.
Technical indicators appear to be showing a build-up of bullish momentum that may support the price forecast. Note that the SuperTrend is flashing green. This could indicate a possible trend reversal upwards. Meanwhile, MACD lines are trending over the neutral line.
The next important resistance level is $2,378 which coincides with the Fibonacci 38.2% retracement. Breakouts from this level may accelerate the breakout of the bigger pattern. In contrast, a fall below $2,200 will invalidate this bullish set-up and allow further downside.
Inflows into spot Ethereum ETFs are back to back, which suggests that institutional investors remain positive despite ongoing geopolitical uncertainty.
Data SoSoValue data shows that on the Friday last week the 10 Ethereum ETFs in the spot market recorded their seventh day in a row of inflows, totaling $425 Million. If the trend continues into the next few weeks, this could be the liquidity needed to drive Ethereum’s price to its target.
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Source: crypto.news
