Ether (ETH) has demonstrated significant strength, surging over 8.6% in the last 24 hours to trade around $2,552. This powerful rally was catalyzed by a dramatic geopolitical development announced by former U.S. President Donald Trump, which appears to have quelled market anxieties that previously gripped global investors. The bullish momentum for ETH was further amplified by a landmark filing from Trump Media & Technology Group (DJT) for a dual Bitcoin and Ether exchange-traded fund (ETF), signaling growing institutional and mainstream interest in the top two cryptocurrencies.

The primary catalyst for the market-wide relief rally came late on June 23, when at approximately 10:02 p.m. UTC, Donald Trump announced via his Truth Social platform that a comprehensive ceasefire agreement had been brokered between Israel and Iran. This development effectively put a pause on a conflict that had injected significant volatility and risk-off sentiment into the markets. The announcement triggered an immediate and positive reaction in risk assets, with high-beta cryptocurrencies like Ether leading the charge. The ETHUSDT pair soared, breaking past previous resistance levels and establishing a new foothold above the critical $2,500 mark, reaching a 24-hour high of $2,603.59. This price action suggests a decisive shift in trader sentiment from fear to optimism.

Trump Media's Dual ETF Filing Boosts ETH Sentiment

Adding fuel to the fire, Trump Media & Technology Group (DJT) officially filed with the U.S. Securities and Exchange Commission (SEC) to launch a unique spot crypto ETF. According to the filing, the proposed fund will directly hold both Bitcoin (BTC) and Ether (ETH), with a strategic allocation of 75% to Bitcoin and 25% to Ether. This move is particularly bullish for ETH, as it represents a significant vote of confidence from a high-profile entity and places Ether alongside Bitcoin in a proposed mainstream investment vehicle. The filing names Singapore-based Crypto.com as the custodian and liquidity provider. This development aligns with the Trump family's known interest in the crypto space, as Arkham intelligence data shows that World Liberty Financial, a DeFi project with family ties, holds 96% of its assets on the Ethereum blockchain. If approved, this dual ETF would join a growing list of crypto investment products from giants like BlackRock and Fidelity, further legitimizing the asset class.

On-Chain Strength and Technical Breakout

Beneath the surface of the headline-driven rally, Ether’s on-chain metrics painted a picture of underlying strength even before the recent price surge. Data revealed that large holders, or whales, had been actively accumulating ETH during the market downturn, acquiring over $265 million worth of the asset. One wallet was noted for purchasing 47,070 ETH, valued at approximately $113 million, in just three days. Furthermore, Ethereum's network growth remains robust, with an average of one million new wallet addresses being created weekly since mid-May. From a technical perspective, ETH shattered key resistance levels. The initial rally saw the price move from a low near $2,230 to above $2,400, flipping the $2,275 level from resistance into solid support. Trading volume on the ETHUSDT pair spiked to 140.12 ETH in 24 hours, with volume during the breakout period reaching 2.5 times the daily average. The ETH/BTC trading pair also showed strength, gaining 0.085% to trade at 0.02345, indicating Ether was outperforming Bitcoin during this rally. With the price now consolidating above $2,550, traders are watching to see if this momentum can carry ETH toward the next major resistance zone near $2,800.