Following the announcement of a ceasefire agreement between Israel and Iran on June 23, 2025, Ethereum (ETH) experienced a surge in value. The news, shared by former President Donald Trump, injected optimism into the crypto market. This positive sentiment was amplified by the existing strength of ETH, supported by significant accumulation from large holders.
Before the rally, ETH was already showing signs of strength, backed by consistent accumulation by whales. On-chain data revealed that over $265 million in ETH was acquired by large holders during the recent downturn. One wallet alone purchased 47,070 ETH, approximately $113 million, within a three-day period.
Ethereum's network fundamentals remain robust, with an average of 1 million new ETH wallet addresses created weekly since mid-May, marking a 50% year-over-year increase. As volatility decreases and risk appetite returns, traders are now watching to see if ETH can break through the $2,500 psychological barrier.