Ethereum Surges 8% as Ceasefire Boosts Crypto Sentiment

Ethereum (ETH) rallied 8.61% over the past 24 hours, rising to $2,420 after former U.S. President Donald Trump announced a ceasefire agreement between Israel and Iran. The unexpected diplomatic breakthrough calmed market fears and reignited risk appetite, fueling a sharp rebound across cryptocurrencies, with ether leading the charge.

According to Trump’s June 23 post on Truth Social, both countries agreed to a phased de-escalation: Iran initiating a 12-hour ceasefire, followed by Israel, culminating in a full 24-hour cessation. Trump credited the deal with preventing a prolonged conflict and praised both sides for restraint.

The announcement triggered a wave of bullish sentiment, particularly for high-beta assets like ETH. Prior to the rally, on-chain data revealed significant whale accumulation during the recent market dip. Large holders reportedly acquired over $265 million worth of ETH, including one wallet that bought 47,070 ETH (around $113 million) over three days.

Ethereum’s fundamentals remain strong. The network has seen a surge in user activity, with an average of 1 million new wallet addresses created weekly since mid-May—marking a 50% increase year-over-year. This growth, combined with receding volatility, has traders eyeing a potential breakout past the $2,500 resistance level.

Technical indicators support the bullish outlook. ETH climbed from $2,230 to $2,401 in 24 hours, with heavy buying around $2,220. It peaked at $2,434.95 before consolidating between $2,390 and $2,402, forming a potential bull flag. Volume spiked to 2.5 times the daily average, confirming strong momentum and bullish structure supported by rising higher lows.

With geopolitical tensions easing and on-chain metrics strengthening, Ethereum may be poised for a sustained uptrend if it can surpass the next psychological barrier.