The announcement by U.S. President Donald Trump regarding a two-stage ceasefire between Israel and Iran has reduced geopolitical tensions and revitalized the cryptocurrency market.
Factors Behind Ethereum's Price Growth
Ethereum's price increase can be attributed to the actions of large-scale investors, often referred to as 'whales.' Last week, they purchased over $265 million in ETH during a market dip, with one significant transaction involving the accumulation of 47,070 ETH, worth over $113 million, in just three days.
Technical Achievements of Ethereum
The breach of the $2,400 level was supported by compelling technical indicators, including a surge in trading volume to 2.5 times the 24-hour norm on June 23. This led to ETH forming a bull flag pattern and converting former resistance at $2,275 into a new support level, reaching a local peak of $2,434.
Ethereum's Market Prospects
Ethereum is maintaining a higher low pattern, with the next psychological milestone identified at $2,500. The growing network activity and easing political tensions are fostering optimism around ETH's potential ascent. Cryptocurrency analyst AlienOvicho suggests that if market sentiments remain positive, the recent price range of $2,140 to $1,970 may soon become a missed opportunity for buyers.
Ethereum's trajectory appears promising, bolstered by major investor participation and reduced geopolitical uncertainties. Each technical level breached could serve as a stepping stone for further advancement.
