The crypto market faced a sharp sell-off on June 13, 2025, after tensions between Israel and Iran escalated. Reports confirmed Israeli airstrikes on Iranian nuclear facilities, triggering fear across global markets, and crypto wasn’t spared. The geopolitical shock led to the liquidation of over $1.14 billion worth of leveraged crypto positions in a matter of hours. Among altcoins, Ethereum (ETH) and Cardano (ADA) took some of the hardest hits.
Can Ethereum Dip Below $2000?
Right now, Ethereum is trading near $2,500. The next important support level is around $2,400, which also aligns with its 50-day moving average. If ETH can hold this support, it might bounce back toward the higher end of its trading range.
However, if weakness continues in the overall crypto market, Ethereum could drop further. The next target is around $2,000, which would mean a 19% fall from current levels. Below that, an analyst is eyeing a major support zone between $1,900 and $1,670 — an area where institutional investors have been actively buying recently.
Cardano Price Update
Cardano has also been under pressure. It has a history of teasing breakouts before falling back, as seen last October. ADA is sitting just below a key Fibonacci support level at $0.64, currently trading around $0.63.
The $0.58 mark is important. If ADA can hold here, a short-term bounce is possible. But if it slips below, the analyst expects it could retest even lower levels, including the previous April swing low.
Cardano, like other altcoins, tends to be highly volatile around these key support areas. It’s a familiar pattern seen in previous Bitcoin and crypto market cycles.
Related: A Top Analyst Is Sticking to His 100% Altcoin Strategy Despite Major Drawdowns
The Bigger Picture
Despite this short-term market crash, the analyst said that the overall crypto bull market is still intact.
Related: ETH Treasury Firms Could Crash Like ETFs, Says Analyst
With rising institutional interest and the U.S. Senate set to vote on the Genius Act next week, the coming days could shape the next chapter for Bitcoin, Ethereum, and altcoins like Cardano.
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