ETH Surges Above $2,400 Following Middle East Peace Deal
Ethereum (ETH) recorded a sharp price increase, rallying 9% to $2,420 after former U.S. President Donald Trump announced a two-phase ceasefire agreement between Israel and Iran late on June 23. The agreement is expected to end a 12-day conflict that had shaken markets worldwide.
The ceasefire, set to begin with Iran’s 12-hour pause, followed by Israel’s 12-hour de-escalation, calmed geopolitical tensions and helped revive investor sentiment across high-risk assets, particularly crypto markets.
Ether surged from $2,230 to $2,420 within hours, marking one of its strongest intraday performances in recent weeks.
Whale Accumulation and Network Growth Support the Rally
The price increase was supported by strong on-chain metrics, particularly significant whale activity. During the recent war-driven dip, large investors accumulated over $265 million worth of ETH, including one wallet that acquired 47,070 ETH — equivalent to over $113 million in just three days.
Institutional demand remains strong, signaling confidence in Ethereum’s long-term fundamentals.
In parallel, Ethereum’s network growth remains robust, with an average of 1 million new wallet addresses created weekly since mid-May — a 50% increase year-over-year, highlighting sustained user adoption.
Technical Analysis Confirms Bullish Momentum
From a technical standpoint:
- ETH rallied 7.7%, moving from $2,230 to $2,401 in under 24 hours.
- Volume spiked to 2.5x the 24-hour average during the final hours of trading.
- Key support formed at $2,220–$2,230, with early buying seen at $2,191.
- A breakout above $2,400 confirmed a short-term bull trend.
- Resistance at $2,275 flipped into support, strengthening the bullish structure.
- Price action formed a bull flag between $2,390 and $2,402, indicating potential continuation.
Higher lows and volume surges suggest the uptrend may extend toward the next major level at $2,500.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.