Ethereum Faces Heavy Sell-Off Amid Rising Geopolitical Tensions
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Ethereum saw a sharp price drop today, falling by over 10% as fears of wider conflict in the Middle East unsettled global markets.
The dip follows an Israeli airstrike on Friday, which has heightened concerns among investors and triggered widespread risk aversion.
Blockchain analytics point to a spike in bearish sentiment surrounding ETH. The number of traders taking short positions in the futures market has grown significantly, signaling that many expect further losses.
According to Coinglass data, Ethereum’s long/short ratio has fallen to 0.86, showing a clear tilt toward bearish bets. A ratio below 1 typically indicates that a majority of market participants are wagering on a continued decline in price.
Momentum indicators further support the negative outlook. Ethereum’s Balance of Power (BoP) has turned sharply negative, registering a value of -0.69. This suggests that sellers are dominating and that buying demand remains weak.
Currently, ETH is trading just above a key support level near $2,424. If downward pressure continues, the next likely target could be in the $2,027 range. However, if sentiment improves and buying interest picks up, Ethereum might recover and test resistance around $2,745.
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