Ether (ETH) is trading at $2,420, up 8.61% over the past 24 hours, after surging sharply in the hours following former U.S. President Donald Trump’s unexpected announcement of a ceasefire agreement between Israel and Iran, according to CoinDesk Research’s technical analysis model.
The move appears to have reversed recent war-driven market anxiety, fueling renewed bullish sentiment across crypto markets.
At 10:02 p.m. UTC on June 23, Trump posted on Truth Social that a full ceasefire agreement had been reached by both Israel and Iran. According to his statement, each country would pause hostilities in coordinated stages: Iran would initiate a 12-hour ceasefire, followed by Israel, leading to a 24-hour complete cessation of the conflict. Trump described this as a successful conclusion to what he labeled a 12-day war — one he claimed could have escalated into a much longer and more devastating regional conflict. He praised both sides for choosing restraint and credited the agreement with averting further turmoil in the Middle East.
The announcement injected a wave of optimism into the crypto market, especially for high-beta assets like ether. Prior to the rally, ETH had already been showing signs of strength, supported by steady whale accumulation. On-chain data shows over $265 million in ETH was acquired by large holders during the recent downturn, including a single wallet that purchased 47,070 ETH —r oughly $113 million — over a three-day period.
Ethereum’s network fundamentals remain robust, with an average of 1 million new ETH wallet addresses created weekly since mid-May, representing a 50% year-over-year increase. With volatility receding and risk appetite returning, traders are now watching whether ETH can break through the next psychological threshold of $2,500.
Technical Analysis Highlights
- ETH rallied 7.7% from $2,230 to $2,401 over the 24-hour analysis window.
- High-volume support formed between $2,220 and $2,230, with initial buying at $2,191.36.
- Price broke out above $2,400 during the 22:02–22:11 window as volume spiked to 28,149 ETH.
- Resistance at $2,275 flipped into support as buying momentum accelerated.
- ETH touched an intrahour high of $2,434.95 before entering a consolidation phase.
- Price action formed a potential bull flag as ETH traded between $2,390 and $2,402.
- Volume surged to 2.5x the 24-hour average in the final three hours of the session.
- Higher lows confirmed bullish structure throughout the uptrend.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
