The intense geopolitical tension, particularly after Iran attacked U.S. military bases in Qatar, crashed crypto markets for an hour, with the Ethereum (ETH) price falling to $2,100 in a colossal sell-off.
However, it quickly recovered momentum and surged by 15% from the bottom, climbing above $2,400 after U.S. President Donald Trump announced a ceasefire deal between Israel and Iran.
The unexpected geopolitical development, posted on Truth Social late on June 23, sparked a broader crypto market rally, with Bitcoin topping $106,000 and altcoins like Solana and XRP also posting gains. But as ETH was on a renewed rally, analysts are asking if it has found a local bottom or if this is a fleeting pump driven by unverified news.
Since the market started pumping following a quick turmoil, the ETH price jumped from $2,100 to $2,440, recording a spike of 15% from the bottom.
Following a spike in trading volume, ETH broke past resistance at $2,400 and flipped $2,275 into support. On a larger time frame, analysts note a potential bull flag pattern, suggesting another leg up if $2,500 is cleared. However, traders remain cautious, as unconfirmed ceasefire reports could unravel.
At the time of writing, Ethereum (ETH) is trading near $2,410—up 7% in the past 24 hours, with a trading volume of $25.56 billion.
The current community sentiment on X reflects optimism, with posts highlighting ETH’s climb past $2,400 alongside Bitcoin’s surge. Some users warn of volatility if the ceasefire falls apart, while others see Trump’s pro-crypto stance as a longer-term catalyst.
Despite the rally, risks remain as geopolitical tensions could resurface, and ETH’s price action hinges on the ceasefire’s credibility.
For now, Ethereum’s surge signals renewed confidence, but whether this marks a local bottom or a temporary spike depends on sustained market momentum and clarity on the global stage. Investors are watching closely as ETH tests key levels.
Also read: Pro-XRP Lawyer Says Ripple Could Hit $100B Market Cap Post-IPO
