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Ethereum Weekly Chart Nears Tower Top Formation As US Launches Attack On Iran – Details
- Ethereum has broken below the long-standing $2,320 support level due to escalating geopolitical tensions following US attacks on Iranian nuclear facilities.
- This breakdown led to a sharp drop in Ethereum's price, dragging the broader altcoin market down with it.
- The move marks a critical shift in sentiment as Ethereum trades outside its previous range, sparking concerns among investors.
- Ethereum is now flirting with a potential tower top pattern on the weekly chart, indicating a bearish reversal unless key levels are reclaimed.
- The asset has slid over 22% from its June highs, facing heightened selling pressure amid global instability and geopolitical concerns.
- Analysts are split on Ethereum's near-term outlook, with some expecting further retracement towards $2,000, while others anticipate a recovery.
- The recent breakdown below $2,320 has shifted the short-term market structure, with ETH now trading around $2,260 and facing strong bearish momentum.
- Volume spikes accompanied the drop, suggesting panic selling triggered by geopolitical turmoil in the Middle East.
- If buyers do not intervene quickly, Ethereum may revisit support levels around $2,100 or $2,000.
- The breakdown invalidates the previous consolidation range, increasing the risk of further downside until key levels are reclaimed.
- The next few sessions will be crucial in determining whether Ethereum's price continues to decline or stabilizes.
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