Donald Trump’s Ethereum Wallet Contains $2.8 Million, What Does This Mean for the Crypto Market?
After failing to break above the $1,900 resistance mark, the price of Ethereum (ETH) is retesting a major demand zone. On Thursday, the smart contract cryptocurrency is trading at $1,787 as the altcoin sell-off escalates. According to the most recent technical analysis, time is running out for the ETH maxis as the price hangs by a thread.
On Thursday, the price of ETH to USD fell to $1,775 before briefly recovering. This was the lowest level for the top L1 platform’s native asset since June 21st. On a weekly basis, the leading cryptocurrency is down 2.85% this week, indicating the severity of the slump.
ETH/BTC Pair Remains Sideways
The ETH/BTC pair demonstrates Ethereum’s superiority over Bitcoin. The chart below illustrates that the crypto pair has been trading sideways in a confined trading range since June 2023. This trading range has a bottom of 0.0605 and a peak of 0.0645. The pair is currently retesting the trading range’s midpoint, which could act as a support level.
If the price falls below 0.0624, the next stop would be the range lows of $0.0605. For the Ethereum price prediction to turn bullish, ETH must break above the 0.0645 range highs soon. If the leading L1 asset fails to break above this level, it could establish new yearly lows in the following months.
Donald Trump Holds $2.8M In Ethereum Wallet
According to the most recent Ethereum news, former US President Donald Trump is said to be holding $2.8 million in ETH. The digital assets in his Ethereum wallet are far greater than the previously announced value of $250,000 to $500,000.
The majority of the cryptocurrency in the wallet was obtained from licencing fees from the Trump NFTs collection. Trump Digital Trading Cards, the former president’s NFT collection, will be released in December 2022. These NFTs have now been exchanged for 14,303 ETH on the NFT marketplace Opensea.
Ethereum Price Prediction
A look at the chart below illustrates that the Ethereum price is now in a significant demand zone. Price has often retested this demand zone, resulting in strong rebounds. However, if the selling pressure continues to build in the following days, the support level is likely to be breached soon.
A break below $1,780 will be quite unfavourable for the ETH price. As a result, the bulls must maintain this level. On a longer horizon, the $2,100 level remains the most significant resistance, resulting in numerous rejections this year. Attention must also be paid to the BTC price activity, which comes before the altcoin price action.