“Middle East Tensions Slam Ether as Investors Pile Into Safe Havens”
Ether (ETH) plunged more than 7% Thursday night, dropping from highs of $2,770 to $2,477 before stabilizing near $2,536 as rising geopolitical tensions rattled risk assets.
The sell-off followed a sharp escalation in Middle East conflict after Israel launched targeted airstrikes on Iranian nuclear and military facilities. In retaliation, Iran reportedly sent over 100 drones toward Israel, heightening fears of prolonged conflict in the region.
Markets quickly shifted into risk-off mode, with the U.S. dollar jumping 0.6% and gold climbing to a two-month high. Oil futures also soared, briefly up over 13%, before easing back.
“This kind of geopolitical shock drives flows into safe havens,” said an ING strategist. “What’s interesting is how quickly traders exited high-beta assets like ETH.”
Volume surged above 690,000 ETH as traders rushed to hedge exposure. Technical charts show support holding near $2,480, but ETH remains locked in a narrow band below $2,550, suggesting potential for more downside if tensions worsen.
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