The crypto market has shown positive dynamics following the news of a ceasefire between Israel and Iran, with Ethereum leading the rise among digital assets.
Whale Buying and Network Strength
Ethereum demonstrated a sharp increase primarily due to active purchases by large investors known as "whales". In the past week, they accumulated over $265 million in ETH, including a single wallet that acquired 47,070 ETH worth over $113 million in just three days. This aggressive accumulation underscores Ethereum's resilience amid broader market instability.
Moreover, the Ethereum network continues to show strong growth. Since mid-May, the platform has averaged about one million new wallet addresses each week, representing a 50% increase year-over-year.
Trump's Ceasefire Impact
On June 23, Donald Trump announced a coordinated de-escalation plan between Israel and Iran, which injected optimism into risk markets. The announcement included a phased ceasefire with a 12-hour pause followed by a full 24-hour halt. This step helped alleviate concerns about a prolonged conflict, contributing to a swift rally in crypto assets.
Technical Indicators for Further Ethereum Growth
Ethereum's breakthrough above the $2,400 level was marked by strong technical signals. Trading volume surged to 2.5 times the 24-hour average. Notable trading patterns displayed a bull flag formation, with initial resistance at $2,275 flipping to support. The price peak reached $2,434 before a brief consolidation occurred.
As Ethereum trades in a higher low pattern, the next psychological barrier is set at $2,500. Given network strength and whale support, traders are optimistic about further increases.
The ceasefire announcement and whale buying activity create a positive atmosphere around Ethereum, potentially driving its further growth in the crypto market.
