- Ether (ETH) price climbed 8.6% in 24 hours, reaching $2,420 following global conflict news.
- Donald Trump announced a ceasefire deal between Israel and Iran, easing recent market anxiety.
- Large holders, or “whales,” accumulated more than $265 million in ETH during the recent market downturn.
- Over 1 million new Ethereum wallets have been created weekly since mid-May, up 50% from last year.
- Technical analysis identified strong support and a potential bull flag pattern as ETH approached the $2,500 level.
Ether (ETH) traded at $2,420 on June 23, showing an 8.61% increase over the last 24 hours. The surge came soon after former U.S. President Donald Trump announced a ceasefire agreement between Israel and Iran, helping ease tension in financial markets.
At 10:02 p.m. UTC on June 23, Trump posted on Truth Social that both Israel and Iran agreed to pause hostilities in stages, with Iran beginning a 12-hour ceasefire followed by Israel for a total 24-hour stop to fighting. Trump called this a resolution to a “12-day war” and credited both sides for showing restraint, according to his official statement. The news led to renewed optimism in cryptocurrency markets.
Before the uptick, ETH had shown positive momentum as major investors, known as whales, bought more than $265 million worth of ether during the recent price dip. The data shows one wallet alone purchased 47,070 ETH, valued at roughly $113 million, over just three days.
In addition, Ethereum’s network activity stayed strong. On-chain metrics reveal an average of 1 million new ETH wallet addresses were created weekly since mid-May. This figure is a 50% increase from the previous year, according to available data.
Technical analysis from CoinDesk Research underlines these developments. ETH rallied from $2,230 to $2,401 within 24 hours, forming strong support between $2,220 and $2,230 and breaking past resistance at $2,275. During the 22:02–22:11 UTC window, a spike in volume pushed the price over $2,400, with intrahour highs reaching $2,434.95. Analysts note the presence of a possible bull flag pattern—which signals consolidation before a continued upward move—with volume reaching 2.5 times the daily average in the session’s last three hours.
Traders are now closely watching whether ETH can close above the psychological $2,500 level as volatility falls and risk appetite grows.
For more details, see Trump’s original statement on Truth Social.
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