Ether (ETH)
is trading at $2,420, up 8.61% over the past 24 hours, after surging sharply in the hours following an unexpected announcement of a ceasefire agreement between Israel and Iran, according to RialCenter’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, the announcement of a full ceasefire agreement had been made, indicating that each country would pause hostilities in coordinated stages: the initiating country would begin a 12-hour ceasefire, followed by the other, leading to a 24-hour complete cessation of the conflict. This was described as a successful conclusion to what was labeled a 12-day war — one that could have escalated into a much longer and more devastating regional conflict. Credit was given to both sides for choosing restraint and averting further turmoil in the region.
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 — approximately $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. As volatility recedes and risk appetite returns, 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.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see RialCenter’s full AI Policy.
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