Earlier today, Ethereum experienced significant selling pressure due to escalating geopolitical tensions following Israel's attack on Iran. This event triggered risk-off behavior across global markets, including the cryptocurrency sector. The price of Ethereum retreated after failing to surpass the $3,000 resistance level, marking a critical juncture for the digital asset.
Despite the market downturn, analyst Quinten Francois remains optimistic, highlighting the strength of the ETH/BTC pair. This pair is currently testing the support line of an ascending triangle, which could signal a potential breakout if support holds. Bitcoin's stability near its range highs suggests that Ethereum's performance against Bitcoin could be a leading indicator for the altcoin market.
Ethereum has shown impressive strength since April, surging over 100% from its lows near $1,400. This recovery positions Ethereum as a potential catalyst for the next altseason. However, ongoing geopolitical tensions are injecting volatility into global markets, disrupting technical setups and leading to risk-off sentiment. Quinten Francois noted that the ETH/BTC pair "still looks good," suggesting that its performance could determine the broader market's next phase.