Ethereum rises 9% while Cryptomarkt welcomes Trump’s Armistice

Ethereum (ETH) experienced an explosive growth in May. Then the digital currency rose by 50 percent in a few days. In recent days, however, we saw that ETH had to return a lot of this profit. Not surprising, because the conflict in the Middle East threw a lot of soot in the works. But after positive news from Trump about a truce, the currency has risen sharply again.

ETH shows bullish signal

The digital currency was still on a race of $ 2,550 on 20 June. The ongoing rocket attacks between Israel and Iran, however, caused a lot of uncertainty and reduced the ETH course.

On 22 June it became clear that the United States had attacked nuclear goals in Iran. As a result, the uncertainty increased due to a possible counter -reaction of Iran. In the end, Ethereum reached a local bottom of under 2,200 dollars.

But all uncertainty now seems to come to an end. The US president announced the surprising news on his own Truth Social about a truce between Israel and Iran. Ethereum’s reaction then did not take long, it rose immediately by almost 9 percent. This performed much better than Bitcoin (BTC). He saw an increase of approximately 4.7 percent in the same time frame.

The explosive increase and the lateral movement that followed together form a so-called “Bull Flag pattern.” This is a race pattern in which a strong upward movement is followed by a short consolidation period. The pattern generally suggests that buyers temporarily pause after a powerful rally, but then probably continue the upward trend again.

It will take a while before ETH is around 2,800 dollars at its important resistance level. Then it should rise by more than 16 percent from the current point of $ 2,400.

False attack Iran

Remarkably, the conflict first seemed to escalate after Iran performed a counterattack last night at an American military camp in Doha, Qatar. Initially this caused tension on the markets, but it soon became clear that the attack was largely symbolic, the camp was evacuated in advance and most rockets were intercepted.

Iran and Israel have now both decided to lay down the weapons and according to Trump it must mean the end of the twelve -day war. The Israeli army claims that Iran has broken the ceasefire, but that is being denied by Iran.