According to reports from crypto.news, Ethereum (ETH) price rose 9% to a multi-week high of $2,257 on Wednesday, driven by a broader crypto market recovery following the U.S.-Iran ceasefire agreement. The two nations have agreed to a two-week ceasefire to their war, while also opening the Strait of Hormuz within the period, with discussions planned for a permanent end to the conflict. As tensions eased, crude oil prices fell back under $100 after several days, reducing investor concerns of runaway inflation while boosting risk appetite for cryptocurrencies. The latest market data shows Zcash (ZEC) jumping 28.13% to $323.53, topping the gainers board and leading a broader altcoin rally that has lifted Ethereum's market capitalization significantly.
As reported by crypto.news, the total value of stablecoins issued on Ethereum has reached a record $180 billion, according to blockchain analytics firm Token Terminal. Ethereum now accounts for close to 60% of the global stablecoin supply, a figure that has increased 150% over the past three years. Stablecoins are widely considered the backbone of decentralized finance, and this surge in supply automatically implies an increase in overall network activity, potentially positioning Ethereum as a leading settlement layer for stablecoins and attracting more retail and institutional interest.
According to technical analysis from crypto.news, Ethereum price has been trading above an ascending trendline support it has respected since early February this year. The token has formed an ascending triangle pattern on the daily chart, with technical indicators showing positive momentum. The MACD lines have pointed upwards and crossed the zero line, while the RSI has been in an uptrend, forming an ascending channel. For the next resistance level, $2,384 acts as the key resistance to clear, with a decisive breakout potentially targeting the $2,500 psychological barrier. The current rally has been supported by broader altcoin rotation, with gainers clustered in double digits from 10.61% to 28.13% while losers remained contained within a narrower range.
As reported by crypto.news, if Ethereum price slips back below $2,200, it could revisit the $2,100 support zone where the long-term trendline currently sits. The current price action reflects the broader market recovery following geopolitical developments, with the U.S.-Iran ceasefire agreement providing macro tailwinds that have boosted investor appetite for risk assets across the cryptocurrency market. The latest market movement shows focus now shifts to whether momentum persists in privacy and interoperability names after today's outsized prints, and if large caps like TRX stabilize amid the altcoin rally.
