Ethereum Pulls Back Amid Deteriorating Risk Sentiment
The Ethereum price is currently pulling back into a key trendline after experiencing a brief downturn following US President Donald Trump's remarks on Iran. The comments from Trump poured cold water on expectations of a de-escalation in the conflict, causing risk sentiment to deteriorate and putting pressure on risk assets like Ethereum.
On Friday, the cryptocurrency rallied along with other assets due to growing expectations of an end to the conflict. However, Trump's repeated statement that the US would make a deal with Iran after the November elections changed the market dynamics.
The technical analysis suggests that if the price breaks below the trendline, it could lead to a drop into the 2,360 level next. On the other hand, if the buyers step in with a defined risk below the trendline, we can expect a rally into the 3,000 level.