Ethereum Price Nears $2,215 Support After Breakdown Triggered by Iran Conflict

Ethereum breaks down from consolidation between $2,440 and $2,530, pushing price lower toward critical support near $2,215 zone.

Open interest in Ethereum futures falls by 13% as increased volatility and geopolitical fear trigger heavy market liquidations.

Price rejection from $2,827 supply zone signaled the start of the bearish move, putting lower levels like $1,866 into focus.

Ethereum has dropped below a crucial range support following a broader market sell-off triggered by rising geopolitical tensions. The ETH/USDT pair saw a clear breakdown after failing to reclaim its recent consolidation zone.

ETH/USDT Breaks Key Range as Price Nears Critical Support

TedPillows noted that Ethereum lost its rangelow, previously held between $2,440 and $2,530. A recent rejection from the red supply zone near $2,827.74 pushed the asset lower. The current price hovers close to $2,270, reflecting bearish momentum.

The breakdown breached a green demand zone, with the next area of interest around $2,215, identified by orange dashed lines. Should Ethereum fail to hold this level, a slide toward $1,866 or even $1,830 could follow. However, a successful reclaim of the $2,440 zone could spark a recovery back to $2,530.

This decision point reflects high uncertainty as traders monitor whether ETH will find support or continue its downward trend.

Escalating Iran Conflict Triggers Drop in ETH Open Interest

Darkfost (@Darkfost_Coc) reported that Ethereum’s open interest fell over 13% within 24 hours, aligning with increased volatility in the crypto futures market. The sharp decline follows escalating conflict in Iran, which has led to panic in broader risk markets.

The sudden volatility resulted in widespread liquidations. Traders are reacting by either closing positions or reducing leverage to avoid further losses. This behavior reflects a cautious stance as market participants reassess short-term risk.

For active traders, such drastic fluctuations often create short-term repositioning opportunities. However, overall sentiment remains cautious amid ongoing geopolitical uncertainty.

Traders Watch for Reclaim or Breakdown from Decision Zone

The chart shared by Ted outlines both bearish and bullish pathways. ETH remains in a critical decision zone between the $2,215 support and $2,440 resistance. A sustained move above the latter could reverse short-term losses.

Alternatively, failure to hold the $2,215 level could expose Ethereum to lower targets, including $1,866. Price action in the coming days will be closely monitored.

Given the current conditions, traders are likely to remain on high alert as Ethereum tests key levels during volatile market conditions.

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