Ethereum Pops 2.75% as Hormuz Headlines Send ETH to $1,720 — Next Stop $1,820? 🚢

Ethereum rose 2.75% over 24 hours to $1,720 on the 15th of June, marking a second consecutive day of gains as traders reacted to reports of a U.S.-Iran peace deal and the reopening of the Strait of Hormuz. Trading volume climbed more than 65% to $4.95 billion, pointing to stronger market participation alongside the price move.

On-chain signals were mixed. CryptoQuant data showed exchange reserves increased by 76,000 ETH over the past week, a pattern that typically reflects growing selling pressure. However, CoinGlass Spot Inflow/Outflow figures indicated roughly $21.72 million worth of ETH left exchanges over the past 24 hours, often viewed as a sign of accumulation into private wallets. Whale activity also remained supportive, with an Ethereum ICO whale borrowing 10 million USDe from Aave to purchase 5,817 ETH at an average price of $1,719, according to a crypto transaction tracker posting on X.

Derivatives positioning echoed the bullish tilt. CoinGlass reported ETH's Long/Short Ratio climbed to 1.0358, while major liquidation zones sat at $1,684.1 and $1,738.1. Traders had built $457.28 million in long positions near $1,684.1, against $193.54 million in short positions near $1,738.1, leaving bulls with a stronger conviction than bears. The Average Directional Index (ADX) stood at 48.06, a reading above 25 that typically signals a strong trend.

Technically, ETH broke above the $1,720 resistance level that had capped price action since the 7th of June and closed a daily candle above it. A sustained hold above $1,720 could open a path toward $1,820, while a move back below $1,700 would weaken the current structure. The broader trend, however, remained under pressure, with ETH still trading below its 200-day Exponential Moving Average.