Ethereum Climbs Back Towards $3,000, Benefiting From ERJ’s ‘Add ETH’ Advice
Following a dramatic crash earlier this year, Ethereum (ETH) has staged a significant recovery, currently approaching the $3,000 threshold, offering a nearly 6% daily gain and rewarding those who heeded advice to invest from former President Donald Trump’s son.
Marked Performance Since ERJ’s Tweet
Eric Trump Jr. (ERJ), the son of former President Donald Trump, suggested last February adding Ethereum to a portfolio. Analysis by CoinGecko indicates that an investment at the time of his advice has gained approximately 2.9%, reaching around the $2,962 level.
A Rollercoaster Journey
Looking at the period from February 4 to July 9, Ethereum’s trajectory has been marked by volatility. Prices declined notably throughout March and April, hitting a low of $1,470, driven by large-scale liquidations and escalating geopolitical tensions.
Key Drivers of Volatility
- Feb-April: Significant liquidations wiped out leveraged long positions, dropping ETH nearly 18% to $2,544 shortly before ERJ’s tweet.
- Trade Policy Shifts & Geopolitics: Deeply uncertain macroeconomic conditions stemming from proposed US tariffs under Donald Trump and broader inflation/central bank anxieties further pressured prices.
- May Downturn (Circuit Breaker?): The market experienced a severe downturn, described by analysts needing a “circuit breaker on sentiment,” exacerbated by US-China tariffs initiated by senior Trump family figures.
- May Surge: Supportive catalyst could be the Pectra Upgrade, bringing ETH back above $2,700. However, momentum stalled; it remained near $2,800, stalling near February highs despite upgrade benefits. Network activity stayed subdued.
- June Stability & Recovery: Prices found footing below February peaks but represented progress since the April trough. Momentum from Bitcoin breaking a key resistance level likely fueled recent gains propelling ETH towards the $3,000 mark.
Recent Gains Amid Uncertainty
Current trading places Ethereum on the verge of the $3,000 psychological barrier, having gained a robust 6.2% on the day. This surge is attributed to the lead provided by Bitcoin’s recent breakout to an all-time high.
