ETH down 2.29% in 24 hours: Middle East tensions escalate, triggering macro risk aversion, while a stronger U.S. dollar weighs on it

From 23:00 to 24:00 (UTC) on July 13, 2026, ETH rebounded slightly by 0.17% within the hour, trading in the range of $1,762.21 to $1,756.35 USDT, with an amplitude of 0.33%. However, over a longer time frame, ETH has fallen from the 24-hour high of $1,845.81 to $1,776.03, a decline of 2.29%. It is currently in a low-range consolidation phase: attention is relatively high, but volatility has increased.

The main driver behind this move is macro-level fluctuations in risk-averse sentiment. Geopolitical tensions in the Middle East have escalated, and the risk of the Strait of Hormuz being shut has increased, prompting the market to reprice inflation expectations and central bank rate-hike expectations. The stronger U.S. Dollar Index has exerted short-term pressure on risk assets. As a high-beta asset, ETH is experiencing selling pressure in a strengthening dollar environment.

Second, the SEC is expected to present a “Regulation Crypto” framework this month, leaving the market in a wait-and-see mode with no clear directional catalyst yet. Microstructure data from the order book shows a significant dominance of sell orders: the bid-ask depth ratio is only 0.13. A large sell-wall order at $1,775.47 with 7.41 ETH accounts for 66.2% of the total volume at the top 5 levels, indicating clear resistance overhead. In the short term, pricing power is likely dominated by institutional distribution or market-maker price-pressure behavior. On the technical side, ADX across all time frames is below 25, indicating the market is in a non-trending state. Divergence between bearish short-term moving averages and bullish long-term moving averages has created a split between bulls and bears.

Risks from ongoing volatility remain. If the $1,750 support level breaks, the $1,700 round number should be the next key level to watch. Going forward, continue monitoring changes in the order book depth ratio, the DXY trend, the SEC regulatory framework progress, and ETH’s on-chain movements of large capital flows.