Ethereum rose nearly 6% and attracted new whale buying after reports of a US-Iran peace deal boosted risk sentiment in global markets.
Summary
- A wallet reportedly linked to Arthur Hayes received 3,000 ETH worth $5.42 million as Ethereum rallied following news of the US-Iran peace deal.
- Ethereum rose about 6%, while another whale, geministar.eth, accumulated 21,136 ETH worth about $37 million from Binance.
- Technical indicators show ETH breaking above multi-week lows, with analysts eyeing the $1,850-$1,860 resistance zone.
According to on-chain tracker Lookonchain, a wallet possibly linked to BitMEX co-founder Arthur Hayes received 3,000 ETH worth about $5.42 million from market maker Flowdesk on June 15. The transfer came as Ethereum joined other cryptocurrencies following signs that tensions in the Middle East may be easing.
The purchase follows a period in which Hayes has been reducing exposure to several altcoins. In his June 8 article titled Reality Test, Maelstrom’s chief investment officer disclosed that he has sold positions in Hyperliquid, Near Protocol, Worldcoin, and Zcash.
Hayes described the move as a defensive response to macroeconomic risks rather than a rejection of those projects, while noting that Bitcoin and Ethereum remained among his main interests.
Ethereum extends gains as risk appetite returns
Support for the dangerous asset has been strengthened after US President Donald Trump announced that the peace deal with Iran has ended. Trump said shipping in the Strait of Hormuz has resumed and that oil tankers have resumed what he described as a safe route.
This development has caused a significant drop in electricity prices. Crude oil fell more than 5% to around $80.53 a barrel, easing concerns that a disruption in one of the world’s most important energy corridors could fuel inflation and weigh on financial markets.
Ethereum has responded strongly to mood swings. At press time, ETH was trading near $1,828 after rising nearly 6% in the past 24 hours. The move pushed the stock to its highest level in more than a week and helped it outperform several cryptocurrencies during Monday’s session.
Major investors appeared to add disclosures during the meeting. Separate data shared by Lookonchain showed that the geministar.eth wallet address bought 21,136 ETH worth about $37.05 million from Binance in a series of transactions on June 15.
Technical indicators point to a test of $1,850
Price action has also improved from a technical perspective. On the daily chart, Ethereum broke the downward trend that had been holding rallies since late April. The move puts ETH above the upper boundary of the reserve flag structure formed during the decline from around $2,400.
Momentum indicators have started to recover as well. The daily MACD has produced a bullish crossover, while the Chaikin Money Flow indicator is moving forward, indicating that the selling pressure is ending.
Further upside may depend on whether Ethereum clears the key resistance area near the 0.618 Fibonacci retracement level around $1,858. A successful move above that area will strengthen the argument that the recent breakout invalidates the bearish flag pattern instead of confirming it.
Meanwhile, crypto analyst Ali Martinez pointed to a possible ascending triangle on Ethereum’s four-hour chart. According to Martinez, confirmation of the pattern projects further toward $1,850, which puts the target almost exactly in line with the resistance area currently being tested.
Even before the latest purchase, Hayes has been optimistic about Ethereum. In a June market note, he indicated that ETH could reach between $10,000 and $20,000 before the end of the current market cycle, citing the expected growth in liquidity and Ethereum’s position among fixed currencies.
Disclosure: This article does not represent investment advice. The content and materials presented on this page are for educational purposes only.
