Ethereum Surges 9% to $2,434 on Trump's Israel-Iran Ceasefire Announcement

Ethereum's price surged to $2,434 following the announcement of a dual-phase ceasefire between Israel and Iran by former U.S. President Donald Trump. This development calmed geopolitical tensions and revived risk appetite in the crypto market, with Ethereum leading the rally with a 9% increase from $2,230. At the time of writing, the price of ETH is hovering around $2,420, indicating growing confidence among investors.

The sharp move in Ethereum's price was driven by significant whale accumulation during the previous week's market dip. Large holders acquired over $265 million worth of ETH, including a single wallet that purchased 47,070 ETH, valued at over $113 million, within three days. This aggressive buying bolstered ETH's resilience despite broader market uncertainties.

Ethereum's network continues to demonstrate strong growth, with the platform averaging about one million new wallet addresses each week since mid-May. This marks a 50% rise year-over-year and highlights sustained interest in Ethereum’s ecosystem, even amid external uncertainties.

Trump's announcement on June 23 signaled a coordinated de-escalation plan between Israel and Iran. 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.

Ethereum's breakout above $2,400 was supported 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 are now focused on whether ETH can extend this breakout further.

While Ethereum might be under slight pressure, some traders view this dip as a buying opportunity. According to a crypto analyst, 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. Although the altcoin has retraced slightly, its current price of around $2,264 shows only a mild drop, and volume is on the rise, suggesting that interest is building.

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