TL;DR
- Eric Trump endorses Ethereum, calling it a strategic buying opportunity, boosting investor confidence in the cryptocurrency.
- The temporary suspension of tariffs in the U.S. helped the crypto market recover, benefiting Ethereum and other altcoins with strong adoption.
- World Liberty Financial makes significant ETH transactions, reinforcing its interest in DeFi, while the price stands at $2,755, up 5.37% in the last 24 hours.
Ethereum (ETH) is regaining ground after briefly falling below key support levels. Following a significant shift in market sentiment, the second-largest cryptocurrency by market capitalization has once again surpassed $2,900, sparking excitement among investors.
One of the most notable events in the crypto community was the endorsement from Eric Trump, son of former U.S. President Donald Trump, who described the current moment as a strategic opportunity to buy ETH. His social media comment,
“In my opinion, it’s a great time to add $ETH. You can thank me later,”
ignited debate about the growing influence of the Trump family in the digital asset sector.
Tariff Suspension and Its Market Impact
The crypto market wavered earlier this week due to concerns over potential tariffs on Canada and Mexico. Both Bitcoin and Ethereum saw significant declines, with ETH briefly dropping to $2,360. However, the announcement of a pause on these tariffs restored investor confidence in risk assets, allowing a swift and broad crypto market recovery.
As a result, Ethereum saw a strong 20% rebound, encouraging traders to re-enter the market. Within hours, ETH regained the $2,900 mark, strengthening the bullish sentiment among analysts and fueling optimism for continued upward momentum. The current price of ETH stands at $2,755, recording a 5.37% increase in the last 24 hours.
World Liberty Financial Strengthens Its Bet on Ethereum
Beyond Eric Trump’s endorsement, the company World Liberty Financial, which has close ties to the Trump family, made significant moves within the crypto ecosystem. According to blockchain analytics firm Spot On Chain, the company transferred over $300 million in assets to Coinbase’s custody platform and acquired 1,826 ETH for approximately $5 million.
Additionally, they converted nearly 20,000 Lido Staked Ether (stETH) into ETH, indicating a clear accumulation strategy. These actions suggest the imminent launch of their “Earn and Borrow” lending protocol, which aims to establish itself within the DeFi space.
Growing institutional interest and endorsements from influential figures continue to establish Ethereum as a key pillar in the crypto ecosystem. As macroeconomic factors and political decisions keep shaping financial markets, the combination of strategic investments, increasing adoption, and advancements in blockchain technology further reinforces the optimistic outlook for ETH.
