ETH Could Rise to $1,980 as Reports Show Trump Holds $250K in ETH
According to a tweet by Watcher.Guru, financial records show that the former U.S. president, Donald Trump, holds a fair amount of Ethereum (ETH). According to the post, the president holds $250,000 worth of the altcoin leader.
JUST IN: 🇺🇸 Former President Trump holds $250,000 #Ethereum, financial records reveal.
— Watcher.Guru (@WatcherGuru) August 12, 2023
Meanwhile, CoinMarketCap indicated that ETH was changing hands at $1,848.13. This was after the altcoin achieved a slight 0.05% gain over the past 24 hours. Subsequently, ETH’s weekly performance was pushed further into the green zone to +1.05%.
Trading volume for the cryptocurrency did not increase over the past 24 hours, however, and was down 15.44%. Consequently, the total daily trading volume for ETH stood at $3,145,343,749 at press time.
In related news, another Twitter user posted regarding the cryptocurrency today. In a post, Chris Burniske revealed that Ethereum fees have climbed 176% in 2023. This was a greater increase than that of ETH’s price during this period, which had only risen 53%.
In 2023 #Ethereum fees have climbed 176% vs. the price, up 53%. The relationship between the two was instructive for the last bull market when fees outpaced price in 2020 after a two year decline. –@Jamie1Coutts pic.twitter.com/0oIF54OgOK
— Chris Burniske (@cburniske) August 12, 2023
According to Burniske, the relationship between ETH’s network fees and its price were instructive for the last bull market when fees outpaced price in 2020. This was after there was a 2-year decline.
From a technical standpoint, ETH was trading above the 9-day EMA line at press time. If the altcoin leader is able to close a daily candle above the 50-day EMA line at around $1,860.86, then it may look to flip the resistance level at $1,915 into support in the coming few days. A break above this price point will then clear a path for ETH to climb to $1,980.
On the other hand, a daily candle close below the 9-day EMA line could put the altcoin at risk of falling to $1,775 in the upcoming week. Continued sell pressure could then push the cryptocurrency’s price down to the next crucial support level at $1,685.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.