Ethereum Slips Below $2400 Amid Geopolitical Tensions
Ethereum is trading at around $2,414 after falling 2.3% over the past 24 hours, according to CoinGecko. The token has also declined by 2.1% in the past seven days but remains up 26.6% over 14 days and 29.6% over the month.
The decline comes as geopolitical tensions between the United States and Iran have increased, pushing investors away from risk assets. This has led to higher Treasury yields, with the US 10-year yield climbing to roughly 4.81%, its highest level since November 2023. The dollar index has also reached its highest point since August 17.
A large whale holding 167,855 ETH worth around $408 million has begun transferring tokens to exchanges, adding pressure on Ethereum's price. Institutional demand has also eased from levels recorded during the token's late-August price rise.