KeyTakeaways:
- Ethereum sees growth with increased support from figures like Eric Trump and Vivek Raman.
- Accumulation at $2.24K-$2.61K, while selling activity rises near $2.88K-$3.07K.
- Ethereum’s technical outlook shows potential bullish reversal despite mixed indicators.
Ethereum (ETH) is seeing growth in price and political relevance. Recently, prominent figures such as Eric Trump and Vivek Raman have shown increasing support for the digital asset, adding weight to its expanding role in decentralized finance (DeFi).
Eric Trump, the son of U.S. President Donald Trump, recently sparked discussions in the crypto community with a tweet suggesting it was a good time to buy Ethereum. Though he later edited his post, his original message, “You can thank me later,” raised hopes among crypto investors, fueling sentiment in the market. While the tweet raised speculation, it is unclear if his comment was a general recommendation or a more strategic call regarding Ethereum’s role in the U.S. economic landscape.
Ethereum’s Price Dynamics and Accumulation Patterns
As of press time, Ethereum was trading at $2,841.83, showing an increase of 3.24% over the past 24 hours. Despite this uptick, the trading volume has dropped by 30%, falling to $30.54 billion. The cryptocurrency’s market cap currently sits at $342.52 billion, reflecting a 3.26% rise. The recent surge follows a steady upward trajectory, but the market’s reduced activity highlights a potential decrease in momentum.
Adding to this sentiment, Ethereum’s price distribution chart shows unique patterns in how investors respond to price fluctuations. Addresses holding ETH within price ranges such as $2,239.45 to $2,613.44 show accumulation, indicating strong investor confidence at these levels. Meanwhile, addresses in the $2,880.24 to $3,075.63 range have shown increased selling activity, suggesting that many are taking profits as Ethereum approaches $3,000.
Alongside price movement, Ethereum is gaining attention due to the involvement of high-profile figures and financial institutions. World Liberty Finance, a DeFi project backed by the Trump family, has accumulated Ethereum.
The platform purchased 1,826 ETH for $5 million and now holds 61,114 ETH, worth approximately $205 million. This continued accumulation, despite the project’s $31 million loss, further points out Ethereum’s growing role in DeFi applications and its appeal to investors.
Ethereum’s Technical Outlook
From a technical standpoint, Ethereum’s price chart shows signs of a potential reversal. Analyst Rose on X recently pointed out the $2.7K support level as an important trade entry point. The recovery wick observed at this level suggests the possibility of a bullish bounce, reinforcing a generally positive short-term outlook for ETH.
Looking at the MACD and RSI indicators, Ethereum’s technical analysis shows a mixed picture. The MACD is currently positioned in bearish territory, with the signal line well below zero.
However, the histogram shows decreasing bearish momentum, indicating that selling pressure may weaken. The RSI stands at 37.47, signaling neutral to slightly oversold conditions, suggesting room for upward movement if the asset regains strength.
