World Liberty Financial Scoops $3.5M of Ethereum, How High Can ETH Price Go?
Highlights
- Along with World Liberty Financial purchase, Abraxas Capital withdrew 49,644 ETH, valued at $92 million, from Binance and Kraken.
- Ethereum's daily trading volumes have jumped by 125%, reaching $38 billion, alongside a 16% ETH price surge.
- The UK-US trade deal has spurred $1.8 billion in new demand for ETH.
Ethereum’s massive 16% god-candle in the last 24 hours has ignited institutional interest, with Donald Trump’s DeFi project World Liberty Financial scooping another 1,587 ETH, worth $3.5 million earlier today. This happens as ETH price stages a strong reversal, shooting past $2,200 with daily trading volumes jumping 15% to more than $37 billion.
World Liberty Financial Takes Forward Institutional Ethereum Interest
As ETH price stages strong reversal, institutional interest in the largest altcoin is gathering steam. As per data from Arkham Intelligence, a wallet associated with Donald Trump’s DeFi project World Liberty Financial has purchased 1,587 Ethereum coins with a fresh investment value of $3.5 million.
The project has been heavily accumulating Ethereum over the past few months, with project lead Eric Trump sharing a bullish outlook for the asset in the past. Although ETH price corrected more than 40% since the beginning of 2024, the sharp bounce back from under $1,800 has led to renewed institutional interest and buying.
World Liberty Financial’s recent purchase highlights that big players are seeing the possibility of a bottom formation and the potential of a strong upside from here. In the last 24 hours, Abraxas Capital, a prominent investment firm, made significant withdrawals of 49,644 ETH, valued at approximately $92 million, from major exchanges Binance and Kraken.
On the other hand, Ethereum Foundation announced $32 million investment in Q1 2025, with the goal of boosting growth and innovation in the ETH ecosystem.
Analysts Take on ETH Price Action Ahead
With a 16% upside on the daily chart, ETH price surged to the crucial resistance of $2,200, with daily trading volumes surging by 125% to $38 billion. Furthermore, the Coinglass data shows a 16% jump in ETH futures open interest moving to $26.31 billion, with 24-hour liquidation surging to $283 million, of which $235 million is in short liquidation.
Popular crypto analyst Ali Martinez noted that $2,380 as a critical supply barrier for Ethereum (ETH). According to Martinez, breaking through this level could serve as a catalyst for a new bull rally, driving significant upward momentum.
Crypto analyst Rekt Capital has highlighted a promising rebound in Ethereum’s dominance within the cryptocurrency market. According to the analyst, the current price action closely resembles the movement observed in September 2019, as marked in the most left segment of an orange-circled pattern on the chart. The analyst further noted that the ETH price could continue to fluctuate in the range $2,200-$3,900.
Additionally, as CoinGape reported, the UK-US trade deal has also sparked an additional $1.8 billion demand for ETH. This recent purchase from World Liberty Financial could lead to further institutional demand.
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