Bitcoin dropped 3.8% to $63,038 and Ethereum fell 9% following coordinated US-Israel military strikes on Iran's nuclear and military facilities. Over 152,000 crypto traders were liquidated totaling $515 million as digital assets absorbed weekend panic selling while traditional markets remained closed.
Ethereum is showing signs of a major breakout after flipping a corrective price channel, with technical analysis suggesting the start of Wave 3 of an impulsive rally. Analysts project a minimum target of $2,624.14 with potential extension to 261.8% Fibonacci levels, while recent price action swept range highs and captured liquidity.
Ethereum co-founder Vitalik Buterin released a technical roadmap called the 'Strawmap' outlining how Ethereum could scale to handle 1,000 times its current transaction capacity. The plan includes near-term upgrades like the 'Glamsterdam' protocol upgrade and longer-term implementation of zero-knowledge EVMs, while maintaining decentralization by not requiring more powerful hardware for node operators.
Vitalik Buterin has announced Ethereum's roadmap for quantum resistance, proposing to replace the current consensus-layer BLS signatures with hash-based cryptographic schemes like Winternitz variants. This represents a significant step in preparing Ethereum's infrastructure against future quantum computing threats.
Bitcoin, Ethereum, and other cryptocurrencies experienced price drops following military strikes by the US and Israel against Iran. The geopolitical tensions triggered a sell-off in the crypto markets as investors moved away from risk assets.
Despite the existence of faster blockchain alternatives, institutional investors continue to prefer Ethereum primarily due to its superior liquidity position. According to Kevin Lepsoe of ETHGas, traditional finance institutions prioritize liquidity over technical performance metrics like transactions per second.
Ethereum dropped below $2,000 with a 5% decline on February 27th, driven by heavy selling pressure as indicated by a spike in Taker Sell Volume to 105 million ETH. The cryptocurrency has lost over 36% in February, with US-based Ethereum ETFs experiencing $1.13 billion in outflows over five weeks, reflecting deteriorating investor sentiment.
Ethereum faces volatility around the critical $2,000 level, with Binance holding 2.4 million ETH in illiquid supply that's helping absorb market volatility. The $2,000 level serves as a psychological battleground rather than confirmed support, with limited conviction in current price stabilization.
Morgan Stanley has applied for an OCC bank charter to provide cryptocurrency custody services, marking another major step in the traditional banking giant's expansion into digital assets. This follows the firm's recent filing to launch Bitcoin, Ethereum, and Solana ETFs in January, demonstrating an accelerated push into the crypto space.
Ethereum's Net Taker Volume hit record negative levels in February, indicating severe liquidation-driven selling from $3,300 to $1,850 levels. While ETH attempts to stabilize around $2,000, the technical structure remains bearish with price below all major moving averages and $1,850 serving as a critical support level.
Bitcoin maintains strong defense around the $70,000 level while Ethereum breaks above its 100-day moving average threshold. The crypto market shows readiness for forward movement with price resets occurring across multiple technical indicators.