Ether (ETH) has risen 8.61% to $2,420 in the last 24 hours, following a sharp surge in President Donald Trump following the unexpected announcement of a ceasefire contract between Israel and Iran, according to Coindesk Research’s technical analysis model.
The move appears to have reversed recent war-driven market unrest and promoted new bullish sentiment across the crypto market.
On June 23rd, at 10:02pm, Trump posted about the true social that he had reached a full ceasefire agreement by both Israel and Iran. According to his statement, countries will suspend hostilities at coordinated stages. Iran launched a 12-hour ceasefire followed by Israel, leading to a 24-hour complete halt of the conflict. Trump described this as a successful conclusion to what he labeled as a 12-day war. He praised both sides for choosing to restrain him, and granted the agreement aversion to avoid further confusion in the Middle East.
The announcement injected a wave of optimism into the crypto market, particularly due to high beta assets such as ether. Before the rally, ETH had already shown signs of strength supported by a stable accumulation of whales. Data on the chain shows that over $265 million in ETH was acquired by large owners during the recent recession. This includes a single wallet that purchased 47,070 ETH ($113 million) over three days.
Ethereum’s network fundamentals remained strong, with new ETH wallet addresses, an average of 1 million, being created weekly since mid-May, representing a 50% increase from the previous year. With volatility backwards and risk appetite returning, traders are now monitoring whether ETH can break past the next psychological threshold of $2,500.
Technical Analysis Highlights
- ETH has gone from 7.7% to $2,230 to $2,401 to $2,401 to $2,401 in the 24-hour analysis window.
- A large amount of support was formed between $2,220 and $2,230, with the initial purchase of $2,191.36.
- The price went above $2,400 as it was spiked to 28,149 ETH in the 22:02–22:11 window.
- The $2,275 resistance was reflected in support as momentum bought increased.
- ETH touched on an internal high of $2,434.95 before entering the integration phase.
- Price action formed a potential bull flag as ETH traded between $2,390 and $2,402.
- Volume surged 2.5 times over the last three hours of the session, on an average of 24 hours.
- Higher values confirmed bullish structures across the uptrend.
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