Ethereum has reclaimed the $2,200 level as the broader cryptocurrency market shows signs of short-term strength following several weeks of volatility and uncertain momentum. The move higher suggests that buyers are attempting to regain control after a prolonged corrective phase, even as macroeconomic conditions continue to weigh on risk assets.

However, a recent CryptoQuant report highlights that the broader environment remains fragile. According to the analysis, escalating geopolitical tensions between the United States and Iran have contributed to a sharp surge in global oil prices. Rising energy costs are adding new pressure to an already sensitive macroeconomic landscape.

Recent US inflation data underscores this challenge. Core CPI…