#Ethereum ETH surges 9% to $2,420 as crypto market welcomes Trump’s ceasefire announcement
The price of Ethereum (ETH) has risen by 9% following US President Donald Trump’s announcement that a ceasefire agreement had been reached between Iran and Israel.
Trump announced on Truth Social on the night of June 23 that Iran and Israel had agreed to a phased ceasefire, under which Iran would initiate a 12-hour ceasefire, after which Israel would also take a similar step, and thus there would be a complete ceasefire for 24 hours.
Trump called the agreement a successful end to the 12-day war and praised the patience of both sides, which made it possible to avoid further chaos in the Middle East.
The announcement sparked a wave of excitement in the cryptocurrency market, especially high-beta currencies like Ethereum, which saw a significant increase in the price.
Despite the decline during the war, major investors invested more than $265 million in Ethereum, with a single wallet buying 47,070 ETH, which is about $113 million.
In addition, the fundamentals of the Ethereum network are also strong, as nearly one million new wallet addresses have been created each week since mid-May, which is 50% more than last year.
According to technical analysis, the price of Ethereum rose from $2,230 to $2,434.95, and strong buying support has been established in the market.
These prices reflect that the market has lost fear and anxiety after the ceasefire and an atmosphere of confidence has been established.
Traders are now waiting for Ethereum to break the psychological threshold of $2,500.
Overall, Trump's ceasefire announcement has given the crypto market a new impetus, which not only Ethereum, as well as other crypto assets, has helped to increase in value,
This event is proof that global political conditions have a profound impact on the crypto market, and that favorable political developments can create a positive trend in the market ....
