ETH Rallies 8.61% Following Trump’s Ceasefire Announcement
Ether (ETH) is currently trading at $2,420, reflecting an 8.61% increase in the last 24 hours following a ceasefire announcement between Israel and Iran by former U.S. President Donald Trump. This development has alleviated market anxiety, boosting bullish sentiment in the crypto sector.
Key points from Trump's announcement:
- A full ceasefire agreement was reached, with Iran initiating a 12-hour pause followed by Israel for a total of 24 hours.
- This agreement was described as averting further regional conflict after a 12-day war.
The crypto market responded positively, particularly impacting high-beta assets like ETH. Prior to this rally, ETH had shown strength with significant whale activity, including over $265 million acquired by large holders during the downturn. Notably, one wallet purchased 47,070 ETH (approximately $113 million) within three days.
Ethereum's network fundamentals are strong, with approximately 1 million new wallet addresses created weekly since mid-May, marking a 50% year-over-year increase. Traders are now monitoring whether ETH can surpass the psychological threshold of $2,500.
Technical analysis highlights include:
- ETH rallied 7.7% from $2,230 to $2,401.
- Support formed between $2,220 and $2,230, with initial buying at $2,191.36.
- Price broke above $2,400 as volume peaked at 28,149 ETH.
- Resistance at $2,275 turned into support due to increased buying momentum.
- Intrahour high of $2,434.95 reached before consolidation.
- Price action suggests a potential bull flag formation between $2,390 and $2,402.
- Volume surged to 2.5 times the 24-hour average in the last three hours.
- Higher lows confirmed a bullish structure throughout the uptrend.