Recent events on the international stage have significantly impacted the cryptocurrency market, particularly Ethereum. As geopolitical tensions ease, there is a noticeable rise in the prices of the second-largest cryptocurrency by market capitalization.
Key Factors Behind Ethereum's Rise
The rise in Ethereum (ETH) prices is attributed to U.S. President Donald Trump's recent announcement of a two-stage ceasefire between Israel and Iran. This improvement in geopolitical conditions has enhanced investor appetite for risk in the cryptocurrency market. Over the past week, ETH has surged by 9%, climbing from $2,230 to a peak of $2,434.
Growth of the Ethereum Network
Additionally, the price surge is linked to significant accumulation by major investors (whales). Data reveals they purchased over $265 million worth of ETH at low prices during the last week. Notably, a single wallet acquired 47,070 ETH, worth over $113 million, in just three days. Concurrently, the Ethereum network is showcasing steady growth, with approximately one million new wallet addresses added weekly, reflecting a 50% increase compared to last year.
Technical Indicators and Predictions
The breach of the $2,400 mark was supported by strong technical signals. On June 23, trading volume surged to 2.5 times the 24-hour average. A bull flag pattern formed between $2,390 and $2,402, solidifying price movement. The next psychological barrier for ETH is seen at $2,500, supported by strong investor backing and easing geopolitical tensions.
The observed growth of Ethereum reflects a combination of positive factors, including investment interest and network development. Investors are keen to see whether ETH can surpass current levels and continue its upward trajectory.
