Ether (ETH) surged 9% to trade at $2,420 late Sunday following former U.S. President Donald Trump’s unexpected announcement of a dual-phase ceasefire agreement between Iran and Israel. The move triggered a wave of optimism across the broader crypto market, reversing recent war-induced anxiety and renewing bullish sentiment for high-beta assets.
Trump’s ceasefire deal calms markets
Trump took to Truth Social to announce the successful brokering of a ceasefire agreement between the two Middle Eastern rivals. The plan involves a sequential pause in hostilities, beginning with a 12-hour truce by Iran, followed by Israel, culminating in a full 24-hour cessation of the 12-day conflict. Trump characterized the agreement as a major diplomatic breakthrough, asserting it averted what could have been a prolonged and catastrophic regional escalation.
Crypto traders quickly responded. Ether, which had been languishing under macro and geopolitical pressure, spiked nearly 9% within hours, with price action accelerating as the news gained traction.
Whales load up amid war-driven weakness
Supporting the rally was significant whale activity. On-chain data from CoinMetrics revealed that large holders accumulated over $265 million worth of ETH during the recent downturn. One notably aggressive buyer picked up 47,070 ETH equivalent to about $113 million over just three days.
This kind of strategic accumulation hinted at institutional confidence and set the stage for a price breakout once market conditions improved. Analysts noted that whale inflows are often a precursor to broader market shifts and tend to reinforce support levels.
Ethereum network growth remains robust
Beyond price action, Ethereum’s core network metrics continue to impress. Since mid-May, the ecosystem has been adding roughly 1 million new wallet addresses every week marking a 50% year-over-year increase. This persistent growth underscores user interest and positions ETH favorably amid broader digital asset adoption trends.
Traders are now eyeing the next psychological level at $2,500. Should momentum hold, technical indicators suggest the rally may have room to run.