Ethereum Slumps as Middle East Tensions Fuel Risk-Off Move

Ethereum's price has dropped to $2,580.95 due to a sector-wide risk-off move triggered by escalating geopolitical tensions in the Middle East.

The Houthi strikes on Riyadh over the weekend have led to a broad market pullback, causing capital to retreat from altcoins and resulting in Ethereum's 2.11% decline.

This drop is amplified compared to Bitcoin's 0.80% decrease, showing Ethereum's sensitivity to macroeconomic events.

The sharp decline in Ethereum's price has also been reflected in its on-chain data, with the average transfer fee crashing over 85% from its April peak to $0.095.