Ethereum Surges Past $2,900 Amid Trump Endorsement and Market Recovery
After a severe drop earlier this week, Ethereum (ETH) has recovered dramatically, rising beyond $2,900 in a stunning turnabout for the cryptocurrency market. An unexpected endorsement from Eric Trump and notable actions from the Trump family’s World Liberty Financial platform clearly helped strengthen the recovery.
Rising from a local low of $2,368, ETH/USD showed amazing endurance and gained 25% in less than 24 hours. With a market capitalization of around $344 billion, the digital asset now accounts for 10.30% of the overall value of all the cryptocurrencies.
Trump Connection and Institutional Interest in Ethereum’s Uptrend
Speaking his mind to his 5.4 million X (previously Twitter) followers, Eric Trump said, “In my opinion, it’s a great time to add $ETH.” This endorsement matched notable movements in cryptocurrencies from World Liberty Financial (WLF), which moved assets valued over $307 million to Coinbase’s custody platform.
According to blockchain analytics firm Spot On Chain, WLF made several strategic moves, including:
- Unstaking nearly 20,000 Lido Staked Ether
- Converting to regular Ether
- Investing an additional $5 million in USDC to purchase 1,826 ETH at $2,738
Ethereum Foundation Sets Aside 50,000 ETH
Notable institutional reforms supporting developers in the distributed finance field have been announced by the Ethereum Foundation, therefore augmenting the Ethereum ecosystem. By means of staking rewards, the foundation has set aside 50,000 ETH for possible Treasury growth, therefore helping to stabilize the price of the asset by lowering selling pressure.
ETH/USD Technical Analysis
The current price action shows Ethereum facing key resistance near $2,920, with a bearish trend line forming on the hourly chart. Technical indicators suggest:
- Support levels at $2,765 and $2,650
- Major resistance at $3,000
- MACD showing momentum in the bullish zone
- RSI holding above the 50 zone
Ethereum Price Forecast
Ethereum still 41.35% below its all-time high of $4,864.06 hit in November 2021 despite recent volatility. With analysts looking at goals at $3,120 and maybe $3,250, the asset’s capacity to surpass the $3,000 resistance level might indicate even more upside potential.
With the creation of Etherealize, a marketing company aimed at presenting Ethereum’s value proposition to Wall Street, institutional interest keeps rising and might pave the way for more acceptance in the next months.
ABOUT THE AUTHOR
See More
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals
Top Broker