Ethereum

ETH is outperforming BTC on a relative basis this week — a pattern that historically has preceded broader crypto bull runs — but the US-Iran military conflict remains an active headwind capping any sustained breakout above $2,000.

ETH has reclaimed the psychologically key $1,900 level, driven by $105M in spot ETF inflows, a softer-than-expected US CPI print, and Fundstrat calling ETH "one of the more attractive ways to express" an improving crypto backdrop.

Main Risk

US-Iran Military Escalation (Geopolitical Risk)

A sixth consecutive day of US airstrikes against Iranian targets has already reversed ETH's post-CPI surge from $1,940+ back toward $1,830, and a further escalation could trigger a sharp risk-off selloff.