Ethereum Breakout Potential Grows as New ERC-20 Token Raises $53M in Presale
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Confidence in Ethereum is rising following reports that U.S. President Donald Trump is quietly buying into the cryptocurrency. The Ethereum price was last just above $3,300, within recent ranges as the broader market failed to catch a substantial bid after Trump failed to mention the crypto in his inaugural address. Reports Suggest Trump-Linked Crypto Project Buys $57 Million in Ethereum in 24 Hours Behind the scenes, the Trump-linked crypto project World Liberty Financial has reportedly been quietly accumulating Ethereum at a stunning rate. According to reports on X citing on-chain data, the project has purchased over $57 million worth in the past 24 hours. https://x.com/MerlijnTrader/status/1881325814186123664 While other cryptocurrencies like Bitcoin and Solana have reached fresh record highs, Ethereum has shown signs of forming a descending wedge pattern, often interpreted as a potential bullish breakout signal by traders. https://x.com/Trader1PA/status/1881316244218896721 While Trump and his First Lady Melania did just launch meme coins on Solana, Ethereum is set to benefit from a major narrative of being a “Trump coin” in 2025, thanks to the President’s investments. A quick 50% to $5,000 is very likely in the coming months, especially if Trump lives up to his pledges to prioritize crypto during his administration and set up a Bitcoin strategic reserve. However, meme coins are likely to do even better, with Trump giving the sector a major greenlight following his (and Melania’s) token launch over the weekend. TRUMP Coin Bearish, Wall Street Pepe is a Better Bet With the TRUMP meme coin forming a bearish descending triangle pattern, which could signal near-term losses, and an already bloated market cap, meme coin traders might find better opportunities elsewhere. The traders who made the biggest gains on Trump were those who got in early, so traders looking for 10x or more upside would do well to look…
Filed under: News - @ January 22, 2025 12:26 pm