- Eric Trump’s ETH tweet briefly boosted market sentiment, sparking debate among investors.
- ETH is trading at $2,713, up by 5%, but remains bearish on weekly and monthly charts.
The cryptocurrency market is recovering as President Donald Trump paused proposed tariffs on Canada and Mexico for 30 days. He had signed an executive order that would keep tariffs on the goods imported from these countries at 25% and Chinese products at 10%. Furthermore, Canadian energy and oil incurred a separate 10% tariff.
The broad market recovery has seen Bitcoin retrace above the $100k mark before facing a rejection, dropping to the $98k level. Among the top ten altcoins, Ethereum, XRP, and Cardano rebounded strongly with huge gains before slightly correcting.
Eric Trump’s Support for ETH Sparks Debate
A recent tweet by U.S. President Donald Trump’s son, Eric Trump, fueled optimism among crypto investors. He suggested it was a good time to buy ETH but later edited his post. Originally, he added, “You can thank me later.” His statement sparked discussions in the crypto community, influencing market sentiment and investor confidence.
In my opinion, it’s a great time to add $ETH.
— Eric Trump (@EricTrump) February 3, 2025
According to CMC data, ETH is trading at $2,713 as of this writing, with a surge of over 5% on the daily chart. Following the pause of the tariffs, ETH steadily rose from an intraday low of $2,530 to an intraday high of $2,920, where it faced a stiff rejection leading to a pullback.
Despite the current bullish outlook, ETH still presents a bearish outlook on the weekly and monthly charts, declining by 15% and 25%, respectively. Its market cap has surged to $327 billion while the trading volume dropped by 30% to $55.40 billion, indicating a decrease in market activity.
Moreover, the Trump family’s DeFi project, World Liberty Finance, has continued to accumulate ETH. Recently, it has purchased 1,826 ETH ($5 million), as per Lookonchain data. Currently, the platform has 61,114 ETH valued at $205M, averaging $3,354, and has incurred a $31M loss.
ETH’s Recovery Wick Signals Reversal
Popular crypto analyst Rose on X has pointed out that Ethereum is below $2.7K, a good entry-level before a bounce. This support zone suggests a bullish reversal, which she alerts the traders to establish a short-term ‘long’ position. ETH’s recovery wick from this key level indicates strong buying interest, maintaining the broader bullish structure intact.
As Ethereum rebounds from its recent dip, investors should consider the current price levels strategic for accumulation. The chart shows a rounded bottom formation with possible resistance at $4,200. A break above this level would spark a rally. However, the $2,200 – $2,700 zone remains crucial support.
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