ETH Surges 9% as Crypto Market Celebrates Trump’s Ceasefire Announcement

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 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.

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