Eric Trump, son of the sitting United States president, made a comparatively sudden endorsement of Ethereum (ETH) again on February 3. The manager vp of the Trump Group did so by way of a submit on X.
“In my view, it’s a good time so as to add $ETH.”
This vote of confidence got here shortly after Donald Trump introduced that he would maintain a press convention on February 4 to debate the U.S. strategic crypto reserve. Quickly after, 1,000 ETH was despatched from Trump’s deal with to a Coinbase scorching pockets.
On the time, each technical indicators and market sentiment painted an optimistic image concerning Ethereum’s future prospects. Nonetheless, issues didn’t precisely pan out because the bulls would have most popular.
Ethereum worth crashes following Eric Trump’s endorsement
On February 3, when Eric Trump shared his bullish sentiment, Ethereum was altering palms at a worth of $2,862. A day later, it closed at $2,877 after a negligible 0.52% transfer to the upside.
Since then, ETH costs have been on a continuing downward trajectory, aside from a few short-lived rallies. Following President Trump’s latest spherical of tariff packages, the cryptocurrency market crashed, wiping out some $300 billion in worth. Ethereum, which has underperformed the broader market, wasn’t spared.
At press time on April 7, the digital asset was altering palms at a worth of $1,573, having marked a 14.74% decline on the weekly chart that has introduced year-to-date (YTD) losses as much as 52.87%.
Accordingly, the worth of Ethereum is 45.03% decrease than when Eric Trump referred to it as a great shopping for alternative, having misplaced practically $1,300 in worth. For the sake of reference, that signifies that a $1,000 funding made on the day of his endorsement would now be price simply $549.
