ETH Rally Toward $2.5K Held Back by Macro, War and DApp Use

Ether fell about 6% after a brief rally to $2,200, tracking a downturn in US equities as the war in Iran entered its sixth day. Disruptions to global oil production and Middle East natural gas shipping pushed WTI crude to levels not seen since July 2024, and investors moved to a risk-off posture while lowering economic growth expectations.

A federal judge also ordered the US government to start paying more than $130 billion in tariff refunds, following the Supreme Court's finding that the president’s IEEPA tariffs were used illegally. ETH remains caught in this macro crossfire despite a 22% recovery from the $1,800 retest on Feb.

24. Derivatives show professional desks are hedging: the ETH 30-day futures annualized premium sits well below the 5% neutral threshold, and ETH trades 58% below its August 2025 record of $4,956. Options markets show persistent skepticism too, with the 30-day put-call skew reaching 7% as traders seek downside protection.

United States, Middle East

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