Ethereum Price Surges Above $2,400 Amid Easing Geopolitical Tensions

The Ethereum price has seen a significant increase in recent days, surpassing the $2,400 mark for the first time since the current rally began. This upward momentum can be attributed to the easing of geopolitical tensions between the US and Iran.

The reopening of the Strait of Hormuz by Iran has been a key factor in ETH's rise above $2,400. The move follows six consecutive days of net inflows into spot ETH ETFs, totaling $298.4 million according to SoSoValue data. While this figure is modest compared to previous strong bullish seasons, it indicates a gradual return of institutional interest.

Technical indicators are also suggesting that the current price action may be a sign of a potential price bottom for Ethereum. The Moving Average Convergence Divergence (MACD) on the ETH weekly chart has posted a golden cross, similar to previous instances in November 2024 and May 2025 when a price bottom was formed.

In terms of support levels, ETH's current price is above its realized price or onchain average cost basis at $2,308. This level may provide potential support for the cryptocurrency even as geopolitical tensions ease further. On the topside, initial resistance emerges near $2,746 before a stronger cap at $3,411.