Ether Leaps Above $2.4K After Surprise Trump-Brokered Israel–Iran Truce

Markets breathe in relief, whales keep buying, and Ethereum fundamentals stay rock-solid.

A ceasefire tweet lights the fuse

Crypto traders were preparing for another anxious overnight session on 23 June when former U.S. president Donald Trump posted an unexpected update on Truth Social: Israel and Iran had agreed to a two-step ceasefire that would halt their 12-day clash within 24 hours. The message hit social platforms at 10:02 p.m. UTC, and the reaction inside digital-asset markets was almost immediate. Ether (ETH), which had been grinding sideways around the $2,230 zone, ignited—adding roughly $190 in less than ten minutes and topping out at $2,420 before settling into a tighter range.

That single candle marked a 9 percent pop and flipped a fortnight of war-driven jitters into a burst of risk-on momentum. By the time Asian desks opened, the second-largest cryptocurrency by market value was still changing hands near $2,420, a level not visited since early June.

How the ceasefire is structured

According to Trump’s post, the agreement unfolds in two coordinated pauses. First, Tehran would halt fire for 12 hours; once verified, Israel would enact its own 12-hour stoppage, yielding a full day without hostilities. Trump praised both governments for “choosing restraint” and argued the accord removed the biggest macro overhang on markets since the brief war began. While official confirmation from either capital remains light on detail, traders appear to be pricing in at least a temporary cooling of regional tensions.

On-chain evidence of quiet confidence

Long before diplomacy grabbed the headlines, Ethereum whales were quietly accumulating. Blockchain-analytics data reviewed by CD Analytics shows large-cap wallets soaking up more than $265 million worth of ETH during the conflict-induced dip. The most eye-catching haul was a single address that acquired 47,070 ETH—about $113 million at the time—across just three sessions. Such accumulation is usually interpreted as smart-money conviction that downside is limited, and Tuesday night’s breakout validated that thesis in dramatic fashion.

Fundamentals point up and to the right

Headline prices aside, Ethereum’s core metrics have continued to improve since the network’s Dencun upgrade in March. Roughly one million fresh wallet addresses have been minted every week since mid-May, representing a year-over-year growth rate north of 50 percent. Daily fee revenue has remained sticky above $5 million even as gas costs trend lower, a combination that hints at robust underlying demand for block space. With layer-2 rollups siphoning retail transactions away from Mainnet, analysts say the sustained fee floor underscores the surge in higher-value DeFi, NFT, and institutional flow.

Technical picture flips from defensive to bullish

From a charting standpoint, Tuesday’s thrust shifted Ethereum’s market structure in one stroke:

• Support reclaimed: The $2,220–$2,230 pocket—previously resistance—acted as the launchpad for the move. Bulls defended an initial dip to $2,191 earlier in the session, printing a clear higher low.

• Volume confirmation: Order-books recorded 28,149 ETH traded in the 22:02–22:11 UTC window alone, about 2.5 times the 24-hour average.

• Breakout trigger: Clearing $2,400 unlocked stops and algo triggers, sending price to an intrahour high of $2,434.95.

• Bull-flag formation: After the impulse leg, ETH consolidated in a tight $2,390–$2,402 range, sketching a textbook bull flag that technicians often view as a continuation pattern.

• Road-map ahead: Traders now have their sights on $2,500 as the next round-number magnet, with $2,275 likely acting as near-term support should a pullback materialize.

Sentiment ripple across the crypto complex

Ether was not alone in benefitting from the geopolitical detente. Bitcoin added a quick 4 percent, pushing back above $66,000, while high-beta altcoins—SOL, AVAX, and INJ among them—printed double-digit intraday gains. The total crypto market cap clawed back more than $70 billion during the Asia session, erasing over half the drawdown suffered since hostilities erupted on 11 June.

What comes next?

Veteran macro watchers caution that ceasefires can be fragile. Any deterioration on the ground could see safe-haven flows snap back into the dollar index and U.S. Treasuries at the expense of risk assets. Still, with volatility gauges retreating and on-chain data flashing accumulation rather than distribution, the path of least resistance for ETH appears higher—at least while the diplomatic window remains open.

Should Ethereum punch through $2,500 on convincing volume, attention will likely pivot to the spring swing-high at $2,730. Beyond that, analysts point to the psychological $3,000 mark, last visited during March’s ETF-fuelled rally, as a longer-term objective.

Key takeaways for traders and investors

• Geopolitics matter: Even for decentralized assets, regional conflicts can tighten risk budgets and suppress liquidity. The rapid turnaround following the ceasefire announcement reinforces the link between macro news and crypto price action.

• Follow the whales: Significant on-chain accumulation during periods of fear often foreshadows major relief rallies.

• Mind the levels: Watching how ETH behaves around $2,500 will offer the clearest near-term signal—failure to hold above $2,275 could negate the breakout, while acceptance beyond $2,500 opens the door to $2,730 and $3,000.

For now, the market narrative has flipped from war anxiety to ceasefire optimism, and Ethereum sits squarely at the epicenter of that shift. Whether Tuesday’s jolt evolves into a sustained uptrend will depend on diplomatic follow-through and the network’s ability to maintain its underlying growth. Either way, the past 24 hours reaffirm a timeless crypto lesson: never ignore the tweet that moves the world—or the blockchain that follows the money.