Key Points
Ethereum experienced a significant price increase, soaring from roughly $2,300 to more than $2,900 in less than a day. This swift recovery of Ethereum (ETH) occurred after a crypto market downturn on Feb. 3, where Ether’s value dropped to around $2,300.
Eric Trump’s Influence on Ethereum’s Price
The price increase was influenced by Eric Trump’s positive endorsement of Ethereum in a recent post on X. However, it’s important to note that Ethereum’s price had already begun to recover, reaching around $2,700, after President Donald Trump announced a temporary pause on proposed trade tariffs on Canada and Mexico. Eric Trump’s post simply acted as a catalyst, sparking the second half of the rally.
The Trump family has a direct investment in Ethereum through World Liberty Financial. This is a new DeFi project backed by President Donald Trump. The sharp price rebound of Ethereum came after World Liberty Financial liquidated almost all of its crypto treasury.
They sold off over 90% of their $363 million holdings, which included significant amounts of ETH, WBTC, AAVE, ENA, and LINK on Feb. 3. The team transferred most of its assets to Coinbase Prime and other exchange wallets, often using intermediary addresses, as reported by The Block. The project has also been receiving small Ethereum deposits from newly created or inactive wallets.
Currently, Ethereum (ETH) is trading at $2,720, with an intraday high of around $2,900 and a low of approximately $2,500.