Ethereum Surpasses $2.9K as Eric Trump Endorses Ether Investment

Ethereum Surpasses $2.9K as Eric Trump Endorses Ether Investment

Ethereum (ETH) has surged above $2,900 following a series of market movements, including a key endorsement from Eric Trump, who took to social media to suggest that now is a great time to add ETH to portfolios.


Eric Trump’s Ethereum Endorsement

On February 3, Eric Trump, a prominent member of the Trump family and involved in the World Financial Liberty (WFL) platform, shared his views with his 5.4 million followers on X (formerly Twitter). In his post, Trump stated, “In my opinion, it’s a great time to add $ETH. You can thank me later.” However, he later edited the post, removing the phrase “You can thank me later.”


Trump’s comments came at a time when the cryptocurrency market was recovering from a significant slump on February 2 and 3, which was triggered by news of President Donald Trump’s proposed tariffs on Canada and Mexico. During the market downturn, Ether saw a dramatic 16% drop in just one hour, plummeting to a low of $2,368 before stabilizing.


Market Rebound Following Tariff Suspension

Ether had already begun to recover prior to Eric Trump’s post, following an announcement by President Trump that he would temporarily halt the proposed tariffs on Canada and Mexico. The decision sparked optimism in the markets, leading Ether to rise back above $2,700. After Eric Trump’s endorsement, ETH continued its upward momentum, briefly reaching $2,913 before settling at its current price of around $2,806.


World Liberty Financial Makes Strategic Crypto Moves

In addition to the endorsement from Eric Trump, the Trump family’s World Liberty Financial (WLF) platform made notable moves in the crypto space. According to blockchain analytics firm Spot On Chain, WLF transferred $307.41 million worth of assets to Coinbase’s custody platform on February 3. WLF then unstaked nearly 20,000 Lido Staked Ether (stETH) into Ether and spent an additional $5 million in USD Coin (USDC) to purchase 1,826 Ether at a price of $2,738.


Spot On Chain speculated that these funds could be allocated to support WLF’s “Earn and Borrow” lending protocol, which is still in the process of development.


Ethereum Foundation and Institutional Support

In other Ethereum-related news, the Ethereum Foundation recently announced a series of structural changes aimed at enhancing its support for developers within the Ethereum decentralized finance (DeFi) ecosystem. The foundation set aside 50,000 Ether to help expand its treasury through staking rewards.


Ethereum core developer Eric Conner noted that the staking rewards could potentially cover the majority, if not all, of the foundation’s internal budget, easing some of the selling pressure that has weighed on the token’s price during this bull cycle.


Moreover, the Ethereum ecosystem is also seeing increased institutional interest. Etherealize, a new marketing firm focused on promoting Ethereum to Wall Street, launched on January 22. This initiative aims to help make the case for Ethereum’s long-term potential to institutional investors.


Conclusion

Ethereum’s recent rebound above $2,900, combined with endorsements from key figures like Eric Trump, signals growing optimism in the cryptocurrency’s future. As the market recovers from recent volatility and Ethereum continues to see institutional interest, the outlook for ETH appears promising. With strategic moves by platforms like World Liberty Financial and increased institutional support, Ethereum’s role in the evolving digital finance landscape is poised for further growth.

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