Trump’s Ceasefire Announcement Sparks 9% Surge in Ethereum Price

Ethereum Leaps to $2,420 as Trump Brokers Israel-Iran Ceasefire

Ethereum (ETH) surged to $2,420 as crypto markets rallied on news that former U.S. President Donald Trump successfully negotiated a ceasefire between Israel and Iran, potentially bringing an end to a tense 12-day conflict that had cast a shadow over global markets.

At last check, ETH was trading at $2,420, up 8.61% over the previous 24 hours, according to data from CoinDesk Research. The rally followed Trump’s unexpected announcement, easing geopolitical fears and injecting fresh optimism into the digital asset space.

At 10:02 p.m. UTC on June 23, Trump shared on Truth Social that Israel and Iran had agreed to a two-step ceasefire. Under the arrangement, Iran would initiate a 12-hour pause in hostilities, followed by Israel, leading to a full 24-hour cessation of the conflict. Trump described the development as a resolution to what he called a “12-day war,” crediting both sides for choosing restraint and claiming the deal helped avert a wider and more destructive regional crisis.

The news sent a wave of positive sentiment through crypto markets, particularly for risk-on assets like ether. Even before the surge, ETH had been showing resilience, driven by significant whale accumulation. On-chain data indicates that large investors bought over $265 million worth of ETH during the recent market dip, including one wallet that acquired 47,070 ETH—worth roughly $113 million—over just three days.

Ethereum’s network fundamentals also remain strong. Since mid-May, the blockchain has averaged around one million new ETH wallet addresses created weekly, representing a 50% year-over-year increase. With volatility declining and risk appetite returning, market watchers are now focused on whether ether can break through the next psychological barrier at $2,500.

Technical Analysis Highlights

• ETH climbed 7.7%, rising from $2,230 to $2,401 during the 24-hour period.
• Strong buying support emerged between $2,220 and $2,230, with initial bids at $2,191.36.
• The price shot past $2,400 during the 22:02–22:11 UTC window, as trading volume spiked to 28,149 ETH.
• Resistance at $2,275 flipped to support as bullish momentum grew.
• ETH reached an intrahour high of $2,434.95 before consolidating.
• A potential bull flag pattern formed as ETH traded between $2,390 and $2,402.
• Trading volume in the final three hours was 2.5 times the daily average.
• Higher lows throughout the rally confirmed a bullish trend structure.

With geopolitical tensions easing and crypto markets regaining their footing, traders are now watching closely to see if ether can punch through the crucial $2,500 resistance level.