Ether (ETH) ETH traded firmly above $2,600 on Monday, up 3.71% over the last 24 hours, as global markets adopted a risk-on stance despite rising geopolitical tension in the Middle East. ETH hit an intraday high of $2,636.76 before settling around $2,614 during the early U.S. trading session.
The move higher came as traditional markets showed surprising resilience in the face of conflict escalation. Per a report by CNBC, Israel’s defense minister warned on Monday that Tehran would “pay the price” after a renewed missile onslaught, marking the fourth straight day of heightened military activity.
Yet global markets mostly absorbed the headlines: gold pulled back from near-record highs, Tel Aviv stocks rose, and European and U.S. equity futures opened in the green. Citigroup’s Luis Costa attributed the calm to lingering hopes of a “faster resolution” or limited retaliation.
In the crypto market, risk sentiment returned in full force. All top 20 non-stablecoin cryptocurrencies were in the green on Monday, and ether was no exception. Its rally was underpinned by deepening institutional demand.
According to CoinShares’ latest “Digital Asset Fund Flows Weekly Report,” Ethereum investment products saw $583 million in inflows last week — the highest since February. The report adds that ETH has now brought in $2 billion over the past nine weeks, equivalent to 14% of all assets under management in ether-linked funds.
Futures markets also reflected growing investor engagement. CoinGlass data shows ETH open interest currently stands at 13.89 million ETH, or approximately $36.32 billion, reinforcing the sense that sophisticated players are positioning for continued upside.
Technical Analysis Highlights
- ETH traded in a $126.66 range, rallying from $2,510.10 to $2,636.76 (+5.05% intraday), according to CoinDesk Research’s technical analysis model.
- Price action broke through $2,550 resistance on strong volume and formed higher highs and higher lows.
- The 05:00 GMT candle showed volume exceeding 311,000 ETH, establishing a key support zone around $2,575.
- ETH pushed above $2,600 during three consecutive green hourly candles, suggesting sustained buying activity.
- A sharp drop occurred at 07:18 from $2,629.02 to $2,622.88 on heavy volume (>21,000 ETH), followed by immediate recovery.
- Final 30 minutes of the session showed consolidation between $2,627 and $2,630, with an ascending triangle structure taking shape.
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