Ethereum Returns to $2,300 Above BTC’s $78K Milestone as Geopolitical Tensions Limit Upside Potential
Ethereum was trading at $2,375.12 on Friday morning (April 23, 2026), representing a 2% increase from its price at the close of Wednesday, as Bitcoin breached above $78,000 for the first time since the beginning of February. However, ETH fell back to $2,316.88 around 7:10 a.m. Eastern Time due to geopolitical tensions between Iran and the United States and US Navy maneuvers in the Strait of Hormuz.
Price Movement & Bitcoin Relationship
* ETH price: $2,375.12 on open, an increase of 2% from Wednesday's price. Later retreated to $2,316.88.
* BTC driver: Bitcoin broke through $78,000, its highest price since early February. BTC later retreated after fears of oil-fueled inflation impacted the market.
* Strength from Wednesday: Ethereum rallied about 5%, closing above $2,402.
Geopolitical Ceiling
- Rallies in April found resistance around $2,400 levels. ETH rose to 10-week high of $2,393 amid ceasefire expectations but then retreated.
- Risk overhang: Iranian forces fired three oil tankers in the Gulf of Oman. Though US extended ceasefire, naval blockade is ongoing, capping crypto upside.
- Levels: $2,300 now serves as a support area; $2,574 could act as an upcoming resistance point at 50% Fib retracement level.
ETH Trend Catalysts
- Technical setup: Has been holding multi-year ascending support trend line from bear market lows in 2019. The April low of $2,017 held intact. Positive MACD crossover occurred at 129.89 - the first such indicator in the year since the late 2025 decline to a $4,800 price point.
- Catalysts: Upcoming Glamsterdam upgrade aimed at increasing gas limits, parallel execution, reducing L2 transaction fees, to be completed by H1 2026.
- Indicator: Sustained closure above $2,500 will indicate a change of macro-relief rally trend into trend change confirmation.
- ETH currently trades ∼53% below August 2025 all-time high of $4,953.73.
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