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Russia invaded Ukraine and the markets were quick to react: ETH broke below $2,500 and fell 10% overnight

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by COINS NEWS 215 Views

Russia invaded Ukraine and the markets were quick to react: ETH broke below $2,500 and fell 10% overnight

As you can see, the situation with cryptocurrencies changes from hour to hour during this crisis, which is extremely difficult and unfavorable. ETH falls 10% as a result of a larger market decline. This post on CryptoPotato caught my attention because I've been investing in ETH for a few years.

The article said: "ETH broke the support at $2,500. This opens the way for a potential drop towards $2,200, which is the first serious level to halt any further declines. The previous support at $2,500 has turned into resistance, and the market outlook is grim. The US stock market is due to open later today and may pull ETH lower still."

We're all already dealing with high gas prices and delayed transactions, and we're all looking for answers through various platforms, whether it's Loopring, Metis, or something else, and now we're facing such a drop that it's truly a bad scenario. Do you have any concerns about it?

Another news is that Russian-born Ethereum co-founder Vitalik Buterin blasts Putin for Ukraine invasion as crypto nosedive said: "Ethereum is neutral, but I am not."
I believe that ETH is neutral but it is inevitable that this whole situation will affect its current value, as it has an impact on the entire crypto market.

ETH chart for 24th Feb

submitted by /u/Queasy-Tour7362
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