Ether (ETH) surged more than 8.6% in the past 24 hours, trading at $2,420, after former U.S. President Donald Trump announced a sudden ceasefire agreement between Israel and Iran — a development that injected fresh optimism into global markets, particularly crypto.
The announcement came late Sunday night and triggered an immediate upswing in risk-on assets. According to CoinDesk Research’s technical analysis, ETH saw sharp gains in the hours following Trump’s post on Truth Social at 10:02 p.m. UTC on June 23, in which he claimed a “full ceasefire agreement” had been reached between the two long-standing adversaries.
A Ceasefire That Calmed Markets
Trump described the ceasefire as the conclusion of a “12-day war” and said the agreement would see Iran and Israel sequentially halting military operations: Iran would begin with a 12-hour pause, followed by Israel, leading to a total 24-hour ceasefire. Trump credited the deal with preventing a broader regional conflict and praised both sides for exercising restraint.
The markets responded swiftly. Crypto, known for its sensitivity to geopolitical events and sentiment, rallied in tandem with traditional risk assets. But it was Ethereum, the second-largest cryptocurrency by market cap, that led the charge among altcoins.
Whale Activity and Bullish Momentum
Prior to the surge, ETH had already shown signs of strength amid rising whale activity. On-chain data indicates that over $265 million in ETH was scooped up by large holders during the recent market dip. Notably, one single wallet accumulated 47,070 ETH, worth around $113 million, over just three days.
That steady accumulation provided a strong base for the latest price rally, while Ethereum’s underlying network metrics remain solid. Since mid-May, the blockchain has seen an average of 1 million new wallet addresses created per week, a 50% increase compared to the same period last year.
As market volatility cools and investor confidence grows, traders are now eyeing whether ETH can challenge and sustain a move above the key psychological resistance at $2,500.
Key Technical Analysis
- ETH gained 7.7%, rising from $2,230 to $2,401 in the last 24-hour trading session.
- Significant buying activity emerged near $2,191, forming high-volume support between $2,220–$2,230.
- Price broke through $2,400 between 22:02 and 22:11 UTC, with volume spiking to 28,149 ETH.
- Previous resistance at $2,275 flipped to support, signaling growing bullish conviction.
- ETH touched an intrahour high of $2,434.95 before consolidating in a tight range between $2,390 and $2,402, forming a potential bull flag.
- Trading volume in the final hours of the session surged to 2.5 times the 24-hour average.
- A series of higher lows confirmed a strengthening bullish trend.
Outlook
With fundamentals aligned, a supportive technical structure, and easing geopolitical tensions, Ethereum’s path to $2,500 now appears increasingly plausible. However, traders remain cautious of potential reversals should broader macro or political developments shift course again.
