Ether surged 8.61% to $2,420 within hours following former U.S. President Donald Trump's unexpected ceasefire announcement between Israel and Iran on June 23 at 10:02 p.m. UTC, as reported by CoinDesk Research. Trump declared on Truth Social that both nations agreed to a staged cessation of hostilities, beginning with a 12-hour Iranian ceasefire leading to a full 24-hour pause. This geopolitical de-escalation reversed war-driven market anxiety, triggering broad crypto market bullishness. Prior to the rally, Ethereum demonstrated underlying strength through significant whale accumulation: on-chain data confirmed over $265 million in ETH purchases by large holders during recent downturns, including one entity acquiring 47,070 ETH worth approximately $113 million across three days. Ethereum's network fundamentals further supported the move, with weekly new address creation averaging 1 million since mid-May – a 50% year-over-year increase according to blockchain analytics firms. The immediate risk-on shift saw ETH breach key resistance levels as traders positioned for potential $2,500 tests, reflecting crypto markets' acute sensitivity to geopolitical resolution catalysts.

The ceasefire announcement ignited pronounced capital rotation into high-beta crypto assets, with Ethereum and Solana leading gains. ETH/USDT spiked 7.498% to $2,406.09 while SOL/USDT jumped 8.229% to $143.49 within 24 hours, per exchange data. Crucially, ETH/BTC pairing rose 3.145% to 0.02296 BTC, indicating altcoin outperformance against Bitcoin during risk-appetite surges. This correlation mirrors traditional markets where geopolitical stabilization typically benefits growth-oriented assets, evidenced by institutional flows into crypto derivatives. Trading volume patterns revealed strategic positioning: ETH/USDT volume hit 499.5559 ETH while SOL/USDT reached 4,581.929 SOL during the surge, with perpetual funding rates turning positive across major exchanges. The rally presents tactical opportunities in ETH/BTC pairs and volatility-sensitive altcoins like Polygon, though sustainability hinges on whether the ceasefire holds. Historical parallels suggest such events trigger 24-72 hour momentum windows before consolidation, requiring careful monitoring of Middle East developments for exit signals.

Technical indicators confirm structurally bullish momentum for Ethereum. CoinDesk Research documented ETH's 7.7% ascent from $2,230 to $2,401 during the initial surge, with critical support crystallizing between $2,220-$2,230 after early buying at $2,191.36. Between 22:02-22:11 UTC, ETH breached $2,400 resistance with volume spiking to 28,149 ETH – a 210% increase above daily averages. The $2,275 level flipped from resistance to support before ETH touched an intrahour high of $2,434.95 (per ETH/USDC pair data). Current price action shows consolidation between $2,390-$2,402 forming a bull flag pattern, while higher lows maintain upward trajectory integrity. Volume surged to 2.5x 24-hour averages in the final three trading hours, with ETH/USD hitting $2,434.94 highs. Traders should watch the $2,430-$2,437 resistance zone (tested in ETH/USDT and ETH/USDC pairs) for breakout confirmation, using the 4-hour RSI at 68 as overextension guardrail. Sustained closes above $2,400 establish new support for $2,500 tests, though failure to hold $2,390 may trigger retracements toward $2,350 liquidity pools.