Fun

Ethereum Weekly Chart Nears Tower Top Formation As US Launches Attack On Iran – Details

News Feed - 2025-06-22 02:06:38

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.


Ethereum has officially broken below the long-standing range it had maintained since early May, losing the critical $2,320 support level. This breakdown was triggered by escalating geopolitical tensions, as news broke that the United States had launched attacks on Iranian nuclear facilities. The announcement sent shockwaves through global markets, sparking widespread risk-off behavior and panic selling across crypto. Ethereum, already trading near the bottom of its six-week consolidation range, quickly reacted with a sharp drop, dragging the broader altcoin market with it. Related Reading Solana Analyst Sees $123 And $116 As Mid-Zone Support Levels – Here’s Why 2 days ago


The move marks a critical shift in sentiment, as Ethereum now trades outside the range that had served as a battleground between bulls and bears for over a month. With volatility spiking and confidence shaken, traders are re-evaluating risk in light of escalating conflict in the Middle East and broader macroeconomic headwinds.


According to top analyst Big Cheds, Ethereum’s weekly chart is now flirting with a potential tower top pattern completion — a bearish reversal structure that may signal further downside unless buyers reclaim key levels in the coming days. As the situation evolves, all eyes will remain on ETH’s ability to hold new support levels or risk further decline in a fragile market environment. Ethereum Slides 22% From June Highs – All Eyes On Weekly Structure


Ethereum has lost over 22% of its value since peaking in early June, as global instability and heightened selling pressure weigh heavily on market sentiment. The asset has now broken below its six-week range, triggering concern among investors and adding to uncertainty across the broader crypto space. With rising tensions in the Middle East—particularly following US attacks on Iranian nuclear facilities—the market has entered a risk-off environment, dragging altcoins like Ethereum into deeper retracements.


Despite the volatility, Ethereum remains at the center of investor focus, as many still expect it to lead the next altseason. However, with bulls losing control of key support zones, confidence in a near-term rally continues to waver. Analysts are now split: while some predict a deeper retracement toward the $2,000 region, others argue that Ethereum is nearing exhaustion on the downside and may soon recover.


Big Cheds points to Ethereum’s weekly chart, where the price is currently flirting with a potential tower top pattern—a bearish reversal structure. If this pattern confirms, ETH may face another wave of downside before finding demand at lower supply levels. Ethereum tower top completion | Source: Big Cheds on X


If buyers step in during this pivotal moment, a recovery from this structure could quickly follow. The coming sessions will be critical in determining whether this breakdown extends or turns into a fakeout with bullish continuation. For now, traders should remain cautious, as Ethereum’s next move could define the tone of the altcoin market heading into July. Related Reading Tron Energy Usage Surges 108% – Smart Contract Activity Accelerates 1 day ago Ethereum Breaks Down Below Support As Volatility Spikes


Ethereum has officially broken below the $2,320 support level, signaling a shift in short-term market structure as shown in the 4-hour chart. After weeks of ranging between $2,320 and $2,650, ETH failed to reclaim its moving averages and lost bullish momentum. The price is now trading around $2,260, down sharply from its June highs near $2,900. This recent leg down follows a clean breakdown through the 50, 100, and 200-period SMAs, confirming a strong bearish momentum. ETH loses key support level | Source: ETHUSDT chart on TradingView


Volume spikes accompanied the drop, suggesting panic selling likely triggered by geopolitical turmoil in the Middle East. The price broke down aggressively with little resistance, meaning previous demand zones have now become weak. If buyers fail to step in quickly, Ethereum may revisit earlier May support levels around $2,100 or even $2,000. Related Reading Ethereum Charts Signal Potential Bottom – All Eyes On Next Move 1 day ago


From a technical standpoint, the breakdown invalidates the previous consolidation range, opening the door for a possible extended correction. Until ETH reclaims $2,320 and stabilizes above its moving averages, the risk of continued downside remains high. Market participants should watch closely for volume shifts or bullish divergences, but for now, Ethereum remains under pressure as uncertainty continues to dominate the macro environment. The next few sessions will be crucial for price discovery.


Featured image from Dall-E, chart from TradingView

News Feed

Bitcoin mining company Bitdeer acquires lease for Ohio site
Vince Quill3 hours agoBitcoin mining company Bitdeer acquires lease for Ohio siteThe 30-year leasing agreement with the Monroe County Port Authority will provide Bitdeer with up to 570 MW of additional power capacity.879
DED memecoin causes community outrage after airdrop allocation reduced
Zoltan Vardai12 hours agoDED memecoin causes community outrage after airdrop allocation reducedThe new Polkadot-based memecoin’s Telegram channel amassed over 20,000 airdrop hunters within a few days.3637 Total views29
ECB Considers Capping Digital Euro in Circulation at 4,000 per Capita, Panetta Reveals
ECB Considers Capping Digital Euro in Circulation at 4,000 per Capita, Panetta Reveals With concerns about financial stability in mind, the European Central Bank (ECB) plans to lim
Bitcoin Bullish Divergence That Appeared Before The May ATH Has Returned Again
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Chinese Kennel Owner Caught Stealing Electricity to Power Underground Bitcoin Mining Farm
Chinese Kennel Owner Caught Stealing Electricity to Power Underground Bitcoin Mining FarmThe largest oil field in the People’s Republic of China has been a target for individu
Bitcoin halving price influence ‘diminished,’ demand now key driver — CryptoQuant
Ciaran Lyons6 hours agoBitcoin halving price influence ‘diminished,’ demand now key driver — CryptoQuantThe open interest in Bitcoin is now 30 times higher than it was 11 days before the 2020 Bitcoin halving.4610 T
Binance Looking to Hire Developers, Support Staff in Romania
Binance Looking to Hire Developers, Support Staff in Romania Global crypto exchange Binance is now hiring IT specialists and customer service representatives for its operations in
Derek Andersen6 hours agoOctober sees a comparative lull in crypto crime with losses of $32.2M: CertiKThere is no clear downward trend in crypto crime, but a quiet month is undoubtedly more than welcome in the Web3 commu
Bittrex Global’s IEO Platform Starting Block Gears up for YellowHeart Debut
Bittrex Global’s IEO Platform Starting Block Gears up for YellowHeart Debut press release PRESS RELEASE. Bittrex Global, a leading digital asset exchange, welcomes the YellowHeart
Tornado Cash sees $1.9B resurgence this year despite sanctions
Tom Mitchelhill6 hours agoTornado Cash sees $1.9B resurgence this year despite sanctionsThe volume of new deposits into the OFAC-sanctioned crypto mixer has jumped significantly in the first half of 2024.2270 Total views
No, FTX distribution payments do not begin on September 30
Vince Quill7 hours agoNo, FTX distribution payments do not begin on September 30According to the FTX bankruptcy estate, total claims from injured parties top $11 billion, as a court hearing to confirm the plan looms. 50
Brand New ‘Emergent Entertainment PLC’ Forms to Offer Next Generation of Digital and Immersive Entertainment
Brand New ‘Emergent Entertainment PLC’ Forms to Offer Next Generation of Digital and Immersive Entertainment press release PRESS RELEASE. 25 October 2022:Today, the formation of