Ethereum’s native token, ETH, is attracting attention from various sectors, including the pro-crypto community and former US President Donald Trump. Trump’s World Liberty project has recently made a significant investment in Ethereum, purchasing 1,623 ETH worth $4.99 million. This adds to the over a billion dollars worth of ETH that his project has accumulated since his inauguration.
Donald Trump’s $5 Million Investment in Ethereum (ETH)
Revealed on January 27, 2024, by Arkham Intelligence, a blockchain-based security firm, Trump’s investment in Ethereum highlights the growing interest in the potential of this blockchain technology. The substantial investment made by his project indicates a strong belief in the future of ETH.
$273 Million of ETH Outflow
Data from the on-chain analytics firm shows that exchanges have witnessed a significant outflow of $273 million worth of ETH. This outflow suggests a potential accumulation of ETH by investors, creating a buying opportunity that could lead to increased buying pressure and trigger an upward rally in ETH’s price.
Despite the recent price drop of 7.10%, ETH is currently trading near $3,110. The surge in trading volume by 220% in the past 24 hours indicates that investors are actively taking advantage of the price decline to invest in ETH.
Ethereum Price Action and Upcoming Levels
Technical analysis shows that Ethereum’s price action is bullish, as it has formed a bullish falling wedge pattern on the daily timeframe. The current price is at the lower trendline of this pattern, suggesting a potential upward movement in the price of ETH.
Based on recent price action and historical momentum, ETH could see a 30% increase to reach the $4,100 level, and a 6% increase to reach the $3,350 level in the future. This price prediction takes into account both long-term and short-term ETH holders, suggesting potential growth opportunities for investors.