Ether Climbs 9% Following Trump’s Ceasefire Declaration
Ethereum’s price rose to $2,420 after former President Donald Trump revealed a ceasefire agreement between Israel and Iran on June 23. This announcement was seen as a resolution to a 12-day conflict that has stirred geopolitical tensions.
- Key Points:
- ETH increased by 9% shortly after Trump’s declaration.
- Approximately $265 million in ETH was acquired by major holders during the recent market dip, including one wallet that purchased 47,070 ETH.
- The growth of the Ethereum network remains promising, with about one million new wallet addresses created each week since mid-May.
At 10:02 p.m. UTC, Trump announced on Truth Social that a coordinated ceasefire had been agreed upon, specifying that Iran would first initiate a 12-hour cessation of hostilities, followed by Israel, leading to a full 24-hour halting of the conflict. He hailed this decision as a triumph of restraint, possibly averting further chaos in the region.
The announcement injected optimism into the crypto market, propelling high-beta assets like ether. Prior to this surge, ETH had already shown resilience amid increasing whale activity. Historical data shows substantial accumulation of ETH by large wallets during the market downturn, leading to a revival of confidence among investors.
Technical Analysis Highlights
- ETH surged 7.7% from $2,230 to $2,401 within a 24-hour timeframe.
- A price support zone was established between $2,220 and $2,230 with initial buying occurring near $2,191.36.
- The price surpassed $2,400 during a spike in trading volume.
- As buying pressure increased, resistance levels around $2,275 shifted to support, accelerating the upward momentum.
The ETH surge has fueled speculation about reaching the critical psychological level of $2,500.
