Ethereum (ETH) price has been mirroring the volatility of Bitcoin (BTC) over the past 24 hours, amidst the ongoing feud between Elon Musk and U.S. President Donald Trump. With a market cap of approximately $300 billion and an average daily trading volume of around $18.5 billion, Ethereum saw a bounce back from a significant support level of $2,407 to trade at $2,478 on Friday during the late North American trading session.
However, the recent uptick in crypto prices has sparked concerns of a potential dead cat bounce. The ongoing clash between Trump and Musk could further divide the crypto market sentiment.
BlackRock, a major player in the financial industry, has been gradually shifting its focus from Bitcoin to Ethereum in recent days. Data analysis indicates that BlackRock’s ETH holdings have seen a net cash inflow of over $492 million in the past week, bringing their total ETH holdings to approximately $4.84 billion. This shift in investment strategy from Bitcoin to Ethereum has fueled speculation about the upcoming altseason in 2025.
The ETH/BTC pair has been on a downward trend for some time, signaling a shift by institutional investors towards altcoins like Ethereum.
Looking ahead, Ethereum’s price has been following a rising trend since breaking out of a falling trendline earlier this year. The altcoin has been consolidating in a narrow range between $2,400 and $2,679 in recent weeks. From a technical analysis standpoint, Ethereum is poised for a potential rally above $3,000 if buyers can push the price above $2,679 in the near future. However, a sustained drop below $2,400 could indicate further bearish sentiment towards $2,200.
Overall, the crypto market remains volatile as it navigates through the ongoing feud between influential figures like Elon Musk and Donald Trump. Investors will be closely watching the developments in the coming weeks to gauge the direction of Ethereum’s price movement.