Ethereum Drops to ₱113,999 ($1,900) as Iran Tensions Shake Crypto

Ethereum could slide to ₱113,999 ($1,900) if it fails to hold resistance between ₱130,799 ($2,180) and $2,200 as geopolitical tensions and economic uncertainty weigh on crypto markets.

Iran's military actions across the Gulf have created volatility, but Bitcoin options traders are positioning for gains rather than losses. Tokenize Capital managing partner Hayden Hughes told Bloomberg that real price discovery happens when US equity markets and Bitcoin exchange-traded funds reopen Monday, warning that missile strikes on Dubai and Strait of Hormuz closure risk mean this is not a contained event.

The Islamic Revolutionary Guard Corps moved over ₱180 billion ($3 billion) through digital assets like Bitcoin in the past year, while Iran's Central Bank has accumulated more than ₱30 billion ($500 million) in cryptocurrencies, with spikes in Iranian on-chain volume aligning with prior geopolitical events including the June 2025 12-day war.

Demand for Bitcoin upside calls has picked up in recent days. 10x Research head of research Markus Thielen told Bloomberg that traders generally don't expect the Iran conflict to have major negative economic consequences.

Ethereum's technical picture looks weaker than Bitcoin's as it struggles at the $2,180 to $2,200 zone, with a break below that level opening the door to $1,900, a drop of roughly 13% from current resistance levels.