Ethereum surges 9% to $2,434 on Trump ceasefire deal

Ethereum's price surged by 9% to $2,434 following the announcement of a ceasefire deal between Israel and Iran by former U.S. President Donald Trump. This significant jump in price was driven by a combination of factors, including whale buying and strong network growth, amidst easing global tensions.

The crypto market experienced a boost in optimism after Trump's announcement on June 23, which signaled a coordinated de-escalation plan between the two nations. The phased ceasefire began with a 12-hour pause by Iran, followed by Israel, culminating in a full 24-hour halt. This news injected optimism into risk markets, with crypto assets bouncing back swiftly as fears of a prolonged conflict eased.

Behind Ethereum’s sharp move was heavy whale accumulation during the previous week’s dip. Large holders scooped up over $265 million worth of ETH, including a single wallet that acquired a staggering 47,070 ETH, worth over $113 million, within three days. This aggressive buying reinforced ETH’s resilience despite broader market jitters.

Meanwhile, Ethereum’s network continues to show strong growth. Since mid-May, the platform has averaged about one million new wallet addresses each week, marking a 50% rise year-over-year. This uptick in network activity highlights sustained interest in Ethereum’s ecosystem, even amid external uncertainties.

Ethereum’s breakout above $2,400 was marked by strong technical signals. Volume surged to 2.5 times the 24-hour average during the final hours of the session, while ETH formed a bull flag pattern between $2,390 and $2,402. Initial resistance at $2,275 flipped into support, with the price peaking at $2,434 before entering a brief consolidation.

As Ethereum trades in a higher low pattern, the next psychological barrier is $2,500. With network strength, whale support, and reduced macro tension aligning, traders now have their sights set on whether ETH can extend this breakout further.

Ethereum might be under slight pressure now, but some traders see this dip as a golden opportunity. According to crypto analyst AlienOvicho, ETH is approaching a potential buy zone between $2,140 and $1,970, an area that could trigger a bounce if market sentiment holds steady. While the altcoin has retraced slightly, its current price of around $2,264 shows only a mild drop, and volume is on the rise, hinting that interest is building.

If Ethereum fails to react to this key range, eyes may shift to the next major support level near $1,800, which aligns with earlier price structures. Still, if the bounce does come, a move past the $2,300 resistance could follow soon, especially with traders showing renewed confidence.