Ethereum Surges Above $2,400 Amid Renewed Middle East Tensions

Ethereum's price has extended its gains above $2,400 following renewed tensions between the United States and Iran in the Middle East. This shift in investor sentiment comes on the heels of a brief downturn in the broader cryptocurrency market.

The largest smart contract token's uptick builds on support at $2,400 and steady positive market sentiment, as reflected in the Fear & Greed Index. The index sits at 65 in the Greed territory, up only marginally from 63 the previous day.

Ethereum sees outflows of $48 million in its US-listed spot ETF on Wednesday, ending 12 days of consecutive inflows. Despite this sudden bearish turn, cumulative inflows remain positive at $13 billion, with net assets under management averaging $15 billion.