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ETH Price Rebounds on Eric Trump Endorsement but Still Trails Peers
Ethereum prices have witnessed a significant surge of 11% in a single day to reach $2,900 during early trading in Asia, amid reports that Eric Trump, the son of US President Donald Trump, has endorsed the asset. The price rebound is a welcome respite for ETH holders, who have been reeling from a crash to $2,260 on Monday.
The sudden uptick comes after Eric Trump tweeted “In my opinion, it’s a great time to add ETH,” sparking interest in the cryptocurrency among his followers. However, the news has also drawn mixed reactions from the Ethereum community, with some enthusiasts dismissing the endorsement as unimpactful and others urging caution amidst the ongoing bearish trend.
Despite this unexpected boost, Ethereum prices still trail their peers in the broader crypto market recovery. Bitcoin has briefly touched six-figure territory, while altcoins like XRP, DOGE, ADA, LINK, AVAX, XLM, and SUI have all outperformed ETH with gains of 20%, 22%, 27%, 15%, 20%, 25%, and 35% respectively.
Moreover, the current market sentiment remains bearish due to the cryptocurrency’s underperformance. The asset has failed to recover fully from a prolonged downturn, which has left many traders skeptical about its future prospects. This skepticism may be exacerbated by the lack of concrete developments in the Ethereum network, further dampening investor enthusiasm.
On a more positive note, Trump’s DeFi platform, World Liberty, continues to accumulate ETH. According to Lookonchain, the company has purchased an additional 1,826 ETH worth around $5 million, bringing its total holdings to 61,114 ETH valued at approximately $205 million at an average price of $3,354 per unit. This substantial investment is a testament to the platform’s commitment to the cryptocurrency.
While Eric Trump’s endorsement may have injected some much-needed optimism into the Ethereum market, it remains unclear whether this short-term rally will be sustainable in the long run. As such, traders are advised to exercise caution and closely monitor market developments before making any investment decisions.
Source: cryptopotato.com
