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š Why is Ethereum (ETH) Down Today?
Ethereum (ETH) has dropped by 6%, falling below $2,500 due to heightened geopolitical tensions, especially in the Middle East. This decline is part of a broader market sell-off, as risk assets, including crypto and U.S. equities, saw pullbacks.
Key Factors:
š¢ Geopolitical Fears: Investors shifted to safer assets like gold, which saw a 1.3% rise, while oil prices spiked 5%.
š¢ Liquidation Event: Over $100M in long positions were liquidated, adding further sell pressure.
š¢ Correlation with U.S. Stocks: ETH maintains a high correlation with the S&P 500 and Dow Jones, contributing to the decline.
However, ETH is now in the "golden zone," a key area for high-time-frame (HTF) swing traders. If ETH resumes its uptrend, this could be a strategic entry point for long positions, with potential for a rally above $2,728. 0 reply
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