Ethereum Price Falls Below $2,400 as US-Iran Tensions Escalate

Ethereum's price fell below $2,400 on September 2 due to renewed tensions between the US and Iran. The conflict pushed oil prices higher, contributing to a broader bond selloff that weakened demand for risk assets like cryptocurrencies.

The Ethereum price dropped to an intraday low of $2,356 after failing to clear resistance near $2,550. Approximately $94.2 million in ETH futures positions were liquidated over 24 hours, with the daily RSI falling to 59.46 and 4-hour momentum indicators moving into negative territory.

The decline has not erased Ethereum's broader August recovery, as it remains above its daily and weekly moving averages. However, holding above these averages does not guarantee a quick recovery, especially given the current market environment.