Ethereum Rallies to $2,420 as Trump Brokers Ceasefire Between Israel and Iran

Ether (ETH) surged to $2,420 following former U.S. President Donald Trump’s surprise announcement of a two-phase ceasefire agreement between Israel and Iran, potentially ending a 12-day conflict that had rattled global markets.

ETH was trading at $2,420, marking an 8.61% gain in the past 24 hours, according to CoinDesk Research’s technical analysis model. The cryptocurrency’s sharp climb came shortly after Trump revealed via Truth Social that both nations had agreed to a ceasefire, easing geopolitical tensions that had been pressuring risk assets.

At 10:02 p.m. UTC on June 23, Trump announced that Israel and Iran would each pause hostilities in a coordinated manner. Iran would begin with a 12-hour ceasefire, followed by Israel, culminating in a full 24-hour cessation of the conflict. Trump hailed the deal as a successful resolution to what he termed a 12-day war, claiming it averted a potentially far longer and more destructive regional crisis. He credited both sides for opting for restraint and emphasized that the agreement could help stabilize the Middle East.

The news sparked optimism across crypto markets, driving renewed interest in volatile assets like ether. ETH had already been showing resilience prior to the announcement, buoyed by sustained accumulation from large investors. On-chain data reveals that over $265 million worth of ETH was scooped up by whales during the recent price slump, including one wallet that acquired 47,070 ETH—valued at approximately $113 million—over just three days.

Ethereum’s network fundamentals also remain strong, with around one million new wallet addresses created weekly since mid-May, a 50% increase compared to the same period last year. As market volatility subsides and investor confidence returns, traders are closely watching whether ETH can clear the psychological resistance at $2,500.

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Technical Analysis Highlights

• ETH advanced 7.7%, rising from $2,230 to $2,401 over the 24-hour period.
• Significant support emerged between $2,220 and $2,230, with early buying interest spotted at $2,191.36.
• Price surged past $2,400 during a 9-minute window between 22:02 and 22:11 UTC, accompanied by a spike in trading volume to 28,149 ETH.
• Resistance at $2,275 turned into support as buying momentum accelerated.
• ETH hit an intrahour high of $2,434.95 before entering a consolidation range.
• A potential bull flag pattern developed as ETH traded between $2,390 and $2,402.
• Trading volume in the final three hours surged to 2.5 times the 24-hour average.
• Higher lows throughout the uptrend confirmed the bullish structure in price action.

With geopolitical fears easing and crypto markets regaining confidence, all eyes are now on ETH’s next move—and whether it can decisively break above $2,500.