Ethereum falls again despite Trump’s Endorsement
Ethereum prices dropped below the $2,700 support line on Feb. 4 amid high market volatility. Bitcoin briefly reached six-figure territory after reaching an intraday high of $102,600, while Ethereum has yet to recover above the $3,000 resistance line
It recovered from Monday’s plunge to $2,250 because of trade tariffs imposed by President Donald Trump on China, Canada, and Mexico.
the cryptocurrency market has recovered because some of those tariffs have been lifted. However, the market posted a significant downturn as China heated the polity with a new set of tariffs against the world’s largest economy
Eric Trump’s statement “I think it’s a great time to add ETH” on X also helped to drive up ETH prices.
Most responders, however, posted tribal FUD or made fun of the comment. Trump’s son saves ETH after he nukes it. “What timeline are we even in at the moment?” asked Anthony Sassano, an Ethereum fan.
World Liberty Finance, the Trump family’s DeFi project, is being developed on Ethereum and is still gaining value. Lookonchain estimated it purchased an additional 1,826 ETH for about $5 million. It stated that the DeFi platform has lost $31 million after buying 61,114 ETH totaling $205 million at an average price of $3,354.
ETH has been one of the most disappointing altcoins under this market cycle. The second-largest cryptocurrency couldn’t break above the $4,000 mark or even reach a new all-time high.
Ethereum appeared to be on track to make a breakthrough in December 2024, but can’t maintain its upsides run. Since then, it has dropped by almost 40%, with a potential break from a 966-day rising support trend line.
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