Ethereum price prediction in light of reports that Trump owns more than $2 million worth of the cryptocurrency
The net outflow of more than $39 million has broken the inflow run of Ethereum ETFs.
Holdings of crypto ETFs on the blockchain by BlackRock now exceed those of Grayscale ETFs.
Arkham Intelligence reports that Donald Trump has more over $2 million worth of Ethereum.
If the price of Ethereum falls below the lower rising trendline of an ascending triangle, the negative momentum might intensify.
Friday saw a more than $39 million outflow from Ethereum ETFs, breaking their three-day inflow run and sending Ethereum (ETH) up more than 2%. Still, a crucial trendline that follows a symmetry triangle that has been in place for three years is acting as a brake on any possible rally in ETH.
Thursday saw a net outflow of $39.2 million from Ethereum ETFs, breaking their three-day string of positive inflows, according to data from Farside Investors. Among the products that saw outflows, Grayscale's ETHE saw $42.5 million go while others had little to no activity.
The on-chain holdings of Grayscale's GBTC, BTC Mini, ETHE, and ETH Mini have been surpassed by BlackRock's IBIT and ETHA ETFs.
Among all providers, Blackrock ETFs now boast the biggest aggregate holdings.
Trump, a Republican running for president, has $3.6 million in cryptocurrencies, according to data from Arkham Intelligence. This amount includes $1.29 million in Ethereum and $986,000 in Wrapped Ethereum. He now has more than $2 million worth of Ethereum in his possession.
As the US presidential election approaches, Donald Trump has taken a number of steps in recent months that are seen as being pro-crypto in an effort to garner the support of crypto-centric people.
Although the former president's holdings seem to show a favorable attitude toward cryptocurrency, it should be mentioned that these coins could have originated via the sale of his NFT collection rather than direct investments.
Cryptocurrency Analysis: Ethereum's Future Actions Rely on Crucial Triangles
On Friday, Ethereum was trading for about $2,610, a 2% increase from the previous day. More than $72 million worth of ETH was liquidated as a result of the price drop; long liquidations amounted to $63.4 million, while short liquidations accounted for $8.9 million.
Due to a falling trendline that has consistently blocked any effort at an upward correction, ETH has been consolidating since the market drop on August 5. Ethereum (ETH) may fall in the next weeks to the $2,000 to $2,200 level, according to the trendline, before launching a new rebound.
Key declining trendlines in the above chart show that ETH followed a similar pattern from 2022 to 2022 and 2023 to 2023 before witnessing a rally.
If this move goes through, Ethereum may try to break through the three-year symmetrical triangle's upper trendline.
Ethereum (ETH) is making an effort to break through an ascending triangle's bottom trendline on the 4-hour chart. The negative momentum will be bolstered by such a move.
Nevertheless, a breakout above the triangle's horizontal line may indicate a turn for the better in the market. Ethereum (ETH) will surge toward the $3,230 barrier level if this happens. The upper trendline of the three-year symmetry triangle is a potential target for ETH if it manages to break above this barrier.
Ethereum price action might be heavily corrected if the daily candlestick closes below the lower trendline of the symmetry triangle.