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Ethereum (ETH) has dropped by 7.2% in the past 24 hours and currently sits at $2,534 as the crypto plummeted following news of an Israeli attack on Iran.
Israeli military officials confirmed the death of the head of the Iranian Armed Forces after a targeted strike on what the Middle Eastern country claimed was a nuclear enrichment facility.
Iran retaliated by sending more than 100 drones to Israeli territory that the ‘Iron Dome’ successfully intercepted.
Israeli officials claimed that this was just the first of more strikes that they will continue to carry out until they eliminate Iran’s nuclear initiatives.
Most cryptocurrencies have plummeted since the news broke. Bitcoin (BTC) has also dropped by 1.9% in the past 24 hours while XRP (XRP) and Solana (SOL) have gone down by 3.2% and 8% respectively.
Trading volumes have surged by 25% for Ethereum in the past day as the markets were rattled by the potential ramifications of an escalation in the military conflict between these two countries.
Crypto liquidations in the past 24 hours climbed above $1 billion amid this unexpected drop. Nearly $241 million alone worth of ETH long positions were wiped during this period along with $415 million in BTC longs.
In this chaotic environment, can ETH still hit $3,000 or climb even higher to reach the $4,000 level?
Ethereum Could Rise to $4,000 As Long as Its 200-Day EMA Holds
Looking at the daily price action we can see that ETH has now been dropping for three days in a row after a failed attempt to move above $2,800.
The price action sent strong buy signals recently as ETH’s short-term exponential moving averages (EMAs) made a ‘golden cross’ above the 200-day EMA.
When this buy signal pops up, it typically anticipates strong gains. However, this unexpected geopolitical event could still derail this bullish push.
For now, the price action seems to have found support at the 200-day EMA. If buying pressure is strong enough at this level, it could stop the downturn and help ETH resume its upward path.
Historical patterns show that, if ETH manages to break out above its consolidation rectangle decisively, preferably accompanied by above-average trading volumes, this could result in a push to $4,000 in the next 30 to 45 days.
Momentum indicators show signs of weakness in the latest uptrend as the Relative Strength Index (RSI) has moved below its 14-day moving average. However, the oscillator is still above 50.
The 200-day EMA is the key support to watch, especially during the weekend when the crypto market tends to distribute strongly. If the price stays above this marker, this would favor another push to break out of consolidation.
Cryptos have taken some punches lately but Bitcoin (BTC) recently made a new all-time high and this favors a bullish outlook as buyers’ interest in cryptocurrencies has surged to record levels.
BTC Bull Token (BTCBULL) has emerged as one of the most promising crypto presales of the year as it offers investors a way to generate passive income as they wait for the top crypto to reach new heights.
BTC Bull Token (BTCBULL) Offers Rewards Tied to Bitcoin Price Milestones
BTC Bull Token (BTCBULL) is a new meme coin that offers a rewards system tied to how the top crypto performs.
The compensation mechanism is quite simple. Starting at a baseline price of $100,000, a new reward is unlocked every time that BTC adds an extra $25,000 to its quote.
Once the first milestone is reached at $125,000, a portion of BTCBULL’s circulating supply will be automatically burned. Next up, once BTC reaches $150,000, token holders will receive a direct Bitcoin airdrop.
Now that Bitcoin has touched the $111,000 level, it is just a matter of time before we hit the first milestone. To benefit from this first reward, you can buy $BTCBULL at its discounted presale price of $0.00256.
Head to the BTC Bull Token website and connect your wallet to make a purchase. You can either swap USDT or ETH for this token or use a bank card to make your investment.
