Ethereum fell to $2,046 on April 3, 2026, marking a $17.70 decline from the previous day as geopolitical tensions with Iran continue to weigh on cryptocurrency markets. The drop occurred after President Trump's prime-time address escalated tensions, threatening further military action against Iran over the next two to three weeks. Despite the short-term weakness, the cryptocurrency maintains its position as the second-largest digital asset by market capitalization at around $233 billion. Market volatility increased as over $1 billion in ETH derivatives sell orders flooded exchanges within a single hour following Trump's address, with $968 million alone processed on Binance. The geopolitical uncertainty has pushed investors away from riskier assets including cryptocurrencies, though some analysts point to underlying network strength as a positive long-term factor.