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ETH, the native token of the Ethereum blockchain, is gaining significant attention from both the pro-crypto community and former United States President Donald Trump. His project appears to have accumulated a substantial amount of ETH since his inauguration.
Donald Trump’s $5 Million Investment in Ethereum (ETH)
On January 27, 2024, Arkham Intelligence, a blockchain-based security firm, revealed on X (formerly Twitter) that Trump’s World Liberty project had recently invested in Ethereum (ETH).
According to the post on X, Arkham revealed that Trump’s project had just purchased 1,623 Ethereum (ETH) worth $4.99 million. Since his inauguration, his project has purchased over a billion dollars worth of ETH, suggesting the potential of Ethereum.
$273 Million of ETH Outflow
Data from the on-chain analytics firm revealed that exchanges have witnessed an outflow of a significant $273 million worth of ETH, indicating potential accumulation. This also suggests an ideal buying opportunity with the potential to increase buying pressure and trigger a further upside rally.
With the rising interest and confidence among investors and long-term holders, ETH’s trading volume has soared by 220% in the past 24 hours. However, ETH is currently trading near $3,110 and has experienced a price drop of 7.10% during the same period.
This record trading volume suggests that investors are potentially taking advantage of the price decline.
Ethereum Price Action and Upcoming Levels
According to expert technical analysis, Ethereum’s ETH appears bullish as it has formed a bullish falling wedge price action pattern on the daily time frame, with the price currently at the lower trendline.
Based on the recent price action and historical momentum, ETH could soar by 30% to reach the $4,100 level and by 6% to reach the $3,350 level in the future.
However, this price prediction is based on both long-term and short-term ETH holders.