Ethereum prices decline following Houthi strikes in Saudi Arabia

Ethereum prices have experienced a decline, with the asset trading around $2,580, following a sector-wide risk-off movement. This volatility is driven by escalating geopolitical tensions in the Middle East, specifically after Houthi forces launched strikes targeting Riyadh and Yanbu in Saudi Arabia.

While Saudi air defenses reported destroying a missile, the Houthis claimed a strike on an Aramco facility. This escalation has triggered broad market risk aversion, causing capital to retreat from altcoins. Ethereum has shown higher sensitivity to these macro shifts compared to Bitcoin, underperforming as investors de-risk.

On-chain data indicates that Ethereum’s average transfer fees have dropped significantly, signaling calmer demand on the mainnet. Technical analysts note that the $2,564 level serves as critical support, with a daily close below that mark potentially leading to further downside toward $2,500.