Ethereum Rises to $2,420 After Trump Announces Israel-Iran Ceasefire
Ether (ETH) soared to $2,420 as crypto markets rallied in response to former U.S. President Donald Trump’s unexpected announcement of a ceasefire agreement between Israel and Iran, signaling a potential end to a 12-day conflict that had stirred global market anxiety.
ETH is currently trading at $2,420, reflecting an 8.61% gain over the past 24 hours, according to analysis from CoinDesk Research. The news brought relief to investors, reversing recent war-driven fears and reigniting bullish sentiment across the digital asset market.
At 10:02 p.m. UTC on June 23, Trump posted on Truth Social that both nations had agreed to a phased ceasefire. Under the plan, Iran would begin with a 12-hour pause in hostilities, followed by Israel, leading to a complete 24-hour halt to the conflict. Trump hailed the breakthrough as the resolution of what he called a “12-day war” and suggested the deal prevented a much broader and potentially devastating regional crisis. He commended both sides for showing restraint and credited the agreement with helping avoid further turmoil in the Middle East.
The announcement sparked a wave of optimism in crypto markets, particularly for high-risk assets like ether. Even before the rally, ETH had displayed signs of underlying strength, fueled by continued buying from large investors. On-chain data reveals that whales accumulated over $265 million in ETH during the recent price dip, including a single wallet that purchased 47,070 ETH—approximately $113 million—in just three days.
Ethereum’s network fundamentals remain solid. Since mid-May, roughly one million new ETH wallet addresses have been created weekly, representing a 50% increase year-over-year. With market volatility easing and investor confidence returning, traders are now focused on whether ETH can break above the next key psychological level at $2,500.
Technical Analysis Highlights
- ETH gained 7.7%, climbing from $2,230 to $2,401 in the 24-hour trading window.
- Strong support formed between $2,220 and $2,230, with early bids seen at $2,191.36.
- The price surged past $2,400 during a brief window between 22:02 and 22:11 UTC, with trading volume spiking to 28,149 ETH.
- Resistance at $2,275 turned into support as buying momentum accelerated.
- ETH reached an intrahour peak of $2,434.95 before moving into consolidation.
- A potential bull flag pattern formed as ETH traded between $2,390 and $2,402.
- Trading volume in the final three hours surged to 2.5 times the daily average.
- Higher lows throughout the rally confirmed the bullish market structure.
With geopolitical tensions easing and market optimism on the rise, all eyes are now on ETH’s next challenge: breaking through the significant $2,500 resistance level.
