The danger in altcoins is increasing: Ethereum may fall further!

If the war tensions in the Middle East continue, Ethereum ($ETH ) may face a major decline.

Ethereum ($ETH ) fell to critical levels with the increasing war tensions in the Middle East. Altcoins, especially Ethereum, experienced declines of around 10 percent. ETH, the pioneer of altcoins, fell below $ 2500 after the news that Iran launched a missile attack on Israel.

An increase in the spot exchange reserves of a cryptocurrency is an indication of more selling pressure and the potential for further price declines. Ethereum exchange reserves rose as selling pressure increased. According to CryptoQuant's data, ETH exchange reserves increased by more than 144,000 ETH in the last 24 hours.

Grayscale Ethereum Trust led the way with $26.64 million in outflows, while Fidelity’s FETH reported $24.97 million in outflows. Bitwise’s ETHW also saw a net outflow of $895,650. VanEck’s ETHV recorded a net inflow of $2.74 million, and 21Shares’ CETH saw an inflow of $1.25 million. The other four spot ether ETFs saw zero inflows.

Ethereum, which fell below $2,500 due to geopolitical tensions, is trading at $2,479 as of writing. ETH, which draws a bad outlook in terms of technical and fundamental analysis, may see more selling pressure unless it can make a weekly close above $2,500. In such a scenario, pullbacks may occur to $2,300 - $2,109 and $1,930, respectively.

Weekly closes above $2,500 will strengthen the hands of buyers. In such a scenario, increases towards 2750 – 3000 – 3294 – 3700 and 4078 dollars can be followed.

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