Ethereum Surges 9% After Trump Announces Israel-Iran Ceasefire

Ethereum saw a 9% jump to $2,420 after Trump announced a ceasefire between Israel and Iran, ending a 12-day conflict. Whale investors bought over $265 million of ETH during the market downturn. The Ethereum network remains strong with a significant growth in wallet addresses and bullish market sentiment, as traders eye a target of $2,500.

Ethereum’s price surged 9% to $2,420 following President Trump’s announcement of a ceasefire agreement between Israel and Iran, effectively ending a 12-day conflict. This announcement was made late on June 23, and it seems to have relieved some of the war-related anxiety that plagued the crypto market, particularly influencing high-beta assets like ether.

The ceasefire, described by Trump on Truth Social as a success, entails a phased cessation of hostilities where Iran first initiates a ceasefire followed by Israel. Trump’s comments highlighted that this agreement could prevent a larger and more damaging regional conflict.

Ahead of this surge, Ethereum had already shown positive momentum as whales, or large investors, accumulated ETH during the market dip caused by the conflict. On-chain analytics revealed over $265 million worth of ETH was bought during this time, with one investor acquiring a notable 47,070 ETH — amounting to around $113 million in a three-day span.

Ethereum’s underlying network appears to be showing strong growth as well, with nearly one million new wallet addresses created every week since mid-May, signalling a 50% year-over-year increase. With the return of traders’ risk appetite, attention now turns to whether ETH can exceed the crucial $2,500 mark.

In terms of technical analysis, ETH’s price rose sharply from $2,230 to $2,401 within a 24-hour timeframe. Support levels formed between $2,220 and $2,230, also with significant buying at around $2,191.36. The price rose past the $2,400 mark between 22:02 – 22:11, boosted by volume that hit 28,149 ETH.

Interestingly, the previous resistance level at $2,275 transformed into support as the buying pressure increased. An intrahour high of $2,434.95 was reached before prices began to stabilise. The trading pattern observed indicates a potential bull flag as ETH moved between the ranges of $2,390 and $2,402, with trading volumes in these final hours soaring to 2.5 times the 24-hour average.

Siamak Masnavi, a blockchain researcher with a background in technology and finance, stresses the importance of monitoring these market developments closely. As Ethereum continues to showcase its resilience and adaptability, traders remain optimistic about its trajectory in the wake of evolving circumstances in both crypto and global politics.

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