Ethereum Surges 6% as Middle East Ceasefire Boosts Crypto Market

Ethereum's price has surged by 6% in the past 24 hours, reaching $2,403, as the crypto market responds positively to news of a ceasefire in the Middle East. Despite a 6.5% decline over the past week and a 10% drop over the past fortnight, this recent lift suggests a potential bullish reversal for ETH. The second-largest cryptocurrency by market capitalization has also experienced a 29% decline over the past month, which is disappointing given its strong fundamentals. However, the recent price increase could signal the start of a significant upward trend.

Ethereum's indicators are moving into more bullish positions, suggesting a sustained period of growth. Its Relative Strength Index (RSI) has bounced from the 30 level and has room to rise further before entering an overbought position. Additionally, Ethereum’s moving average convergence divergence (MACD) has leveled off, indicating that it too will likely begin rising again. This presents an opportune moment for investors to buy ETH, as whales have begun accumulating the token again, as evidenced by recent transfers. Institutional data shows that Ethereum enjoyed $123.8 million in inflows over the seven days to June 23, placing it comfortably in second place behind Bitcoin and well ahead of its rival Solana, which saw only $2.8 million in inflows during the same period.

The ceasefire between Iran and Israel has significantly contributed to Ethereum's turnaround. If this ceasefire can lead to lasting peace in the region, Ethereum and the broader crypto market could continue to rise in the near and medium term. However, the situation remains delicate, with reports of violations already surfacing. Despite this, Ethereum is still in a heavily oversold position, and its fundamentals remain strong. The network recently introduced the important Pectra upgrade and has several other upgrades on the horizon. Based on these factors, the Ethereum price is expected to return to $2,500 in the next couple of weeks and hit $3,000 again by the end of July.

While Ethereum is likely to remain strong in the foreseeable future, other altcoins may outperform the market in the coming months. Some of these will be presale coins, which can generate significant momentum during their sales and rally hard upon listing. For instance, Solaxy (SOLX) is currently up by 42% in 24 hours, having launched yesterday after a successful raise. Another promising ongoing sale belongs to Snorter (SNORT), a trading bot project that has raised $1.2 million in its ongoing ICO. With over 12,000 followers on X, Snorter is building a community excited by the design of its trading bot, which offers automated sniping, atomic swaps, copy trading, limit orders, and protection from rugpulls and honeypots. This makes Snorter one of the most comprehensive trading bots in the market, with its native token SNORT necessary to pay for fees. Holders will also be able to stake SNORT, which will run on the Ethereum and Solana blockchains, giving it a wide reach. Interested investors can join the coin’s sale on the Snorter website, where the current price is $0.0961, which will continue to rise until the sale ends.