Ethereum Price Eyes $1,780 Breakout as US-Iran Peace Deal Boosts Market Sentiment

Ethereum climbed nearly 3% over the past 24 hours, moving back above the $1,700 level as investors responded positively to improving geopolitical conditions. The second-largest cryptocurrency has benefited from renewed risk appetite after reports that the United States and Iran reached a peace agreement expected to be formally signed later this week.

The latest gains mark a sharp turnaround after a difficult period for Ethereum and the broader crypto market. Earlier in June, prices came under pressure from rising tensions between the US and Iran, concerns over global economic growth, a more hawkish Federal Reserve outlook and continued outflows from spot crypto exchange-traded funds.

US-Iran Agreement Supports Crypto Recovery

Market sentiment improved after reports that the US and Iran agreed on a framework aimed at reducing regional tensions. According to reports, the agreement could lead to the reopening of the Strait of Hormuz and the removal of certain military restrictions, easing concerns over global energy supplies.

Can Ethereum Break Above $1,780?

With Ethereum now trading near the $1,800 level, traders are closely watching the $1,780 resistance zone. A successful move above this level could strengthen bullish momentum and open the door for a rally toward the next major resistance area around $1,942.

However, investors remain cautious as the final agreement has yet to be signed. Any setback in negotiations or renewed geopolitical tensions could quickly impact market sentiment. For now, improving macroeconomic conditions and easing global risks are providing support for Ethereum’s latest recovery attempt.