Risk-Off Sentiment Drives Ethereum Price Below $2.4k

Ethereum's price has fallen below $2,400 due to increased macro-driven risk-off sentiment, according to MarketForces Africa. The cryptocurrency's price dropped by about 1% to $2,393, underperforming a flat Bitcoin.

The decline is attributed to escalating U.S.-Iran tensions and surging Treasury yields, which have renewed fears of a Federal Reserve rate hike. This has triggered a broad crypto sell-off, with traders stating that the macro shock has pressured all risk assets, including Ethereum.

Ethereum's price is currently more sensitive to macro liquidity and interest-rate expectations than its own network fundamentals. The sell-off has resulted in $95.39 million in Ethereum futures liquidations within 24 hours, with the largest single order hitting $11.99 million on Binance.