Ether (ETH) is currently trading at $2,420, marking an increase of 8.6% over the past 24 hours, after a surge following former President Trump’s declaration of a ceasefire between Israel and Iran. The announcement on June 23, made via Truth Social, stated that both nations would enter a coordinated ceasefire, with Iran initiating a 12-hour pause, followed by Israel, allowing for a 24-hour complete cessation of hostilities.
This announcement seems to have alleviated the volatility that had been affecting the crypto markets due to the recent conflict, leading to a rejuvenation of bullish sentiment among traders. Prior to this surge, ETH had shown signs of strength, underpinned by significant whale activity. Data indicates that large holders accumulated over $265 million in ETH during the recent downturn, including one notable wallet that purchased 47,070 ETH—approximately $113 million—over a span of three days.
The fundamentals of Ethereum remain strong, with new wallet addresses hitting an average of 1 million per week since mid-May, reflecting a 50% year-on-year increase. As market conditions stabilize and risk appetite returns, many investors are keenly observing whether ETH can surpass the psychological barrier of $2,500.
From a technical perspective, ETH has risen from $2,230 to $2,401 within 24 hours, indicating strong support levels between $2,220 and $2,230. The price broke above $2,400 with a notable increase in volume, with resistance at $2,275 transitioning to support as buying pressure increased. Initially reaching an intrahour high of $2,434.95, Ethernet then entered a consolidation phase, suggesting potential for further upward movement.
This announcement seems to have alleviated the volatility that had been affecting the crypto markets due to the recent conflict, leading to a rejuvenation of bullish sentiment among traders. Prior to this surge, ETH had shown signs of strength, underpinned by significant whale activity. Data indicates that large holders accumulated over $265 million in ETH during the recent downturn, including one notable wallet that purchased 47,070 ETH—approximately $113 million—over a span of three days.
The fundamentals of Ethereum remain strong, with new wallet addresses hitting an average of 1 million per week since mid-May, reflecting a 50% year-on-year increase. As market conditions stabilize and risk appetite returns, many investors are keenly observing whether ETH can surpass the psychological barrier of $2,500.
From a technical perspective, ETH has risen from $2,230 to $2,401 within 24 hours, indicating strong support levels between $2,220 and $2,230. The price broke above $2,400 with a notable increase in volume, with resistance at $2,275 transitioning to support as buying pressure increased. Initially reaching an intrahour high of $2,434.95, Ethernet then entered a consolidation phase, suggesting potential for further upward movement.
