Ethereum Whales Fuel Price Surge to Near $1,700 Amid Iran Deal Optimism

Ethereum's price rose to near $1,700 after a surge in buying activity from whale wallets. In just one week, over 1.11 million ETH were accumulated by these large wallet holders, marking the strongest buying pace so far this year.

One of the notable purchases came from an address linked to Arthur Hayes, who bought 3,000 ETH worth $5.42 million following the US-Iran diplomatic agreement.

The optimism surrounding the peace deal also boosted Bitcoin and other cryptocurrencies, but traders remain cautious due to previous false rallies.

Technical analysts are watching key resistance levels at $1,739 and $1,800-$1,850 for signs of a bullish reversal. Consolidating above these levels could signal further gains for Ethereum.