Ethereum failed to hold above the $2,400 level and faced a strong rejection from that zone.

The recent drop is largely driven by rising tensions between the US and Iran, which has pushed investors to move away from riskier assets like cryptocurrencies.

At the moment, the key area to watch is between $2,150 and $2,200. If ETH manages to hold this support, we could see a potential bounce from here. However, if the price breaks below this zone, then the next major level comes in around $2,000, where further downside pressure may follow.