Source: Cointelegraph Original: "{title}"
The native Ethereum token ETH has experienced a value halving, contrasting sharply with Eric Trump, son of U.S. President Trump, who claimed two months ago to his 5.7 million followers that "now is a good time to allocate to this largest altcoin."
Source: X/Eric Trump
President Trump "slaps back" at his son's bullish ETH prediction
As of March 31, ETH had dropped to a low of $1,820, down about 40% from when Eric Trump posted his bullish tweet.
ETH/USD daily price chart. Source: TradingView
Meanwhile, ETH's cryptocurrency market share has plummeted from 10.28% when Eric Trump made his X post to 8.39% on March 31, the lowest level since 2020.
ETH dominance index daily chart. Source: TradingView
Following Eric Trump's bullish remarks, a series of market headwinds caught traders off guard.
A typical case was the significant security breach at leading cryptocurrency exchange Bybit on February 21, resulting in a loss of approximately $1.5 billion in Ethereum, marking the largest theft in cryptocurrency history. President Trump's escalating tariff war with Canada, Mexico, and China has also intensified the sell-off pressure on Ethereum and the entire crypto market. The 25% tariff on auto imports set to take effect on April 3 further dampened risk appetite.
Michaël van de Poppe, co-founder of cryptocurrency asset management firm MN Consultancy, expressed skepticism about Ethereum's recent rebound, noting that the market needs to wait for a signal indicating a peak in gold prices to confirm ETH's bottom.
Source: X/Michael van de Poppe
Traditional safe-haven asset gold has accumulated a 17.6% increase this year, reaching a historic high of $3,085 per ounce.
Trump-associated crypto platform increases ETH holdings
The decentralized finance company World Liberty Finance (WLFI), linked to the Trump family, transferred 73,783 ETH (worth approximately $212.6 million at the time) to Coinbase Prime two days after Eric Trump's February 21 X tweet.
WLFI ETH holdings chart. Source: Arkham Intelligence
The close timing of these events has sparked speculation in the crypto community about Eric Trump's true intentions—despite WLFI clarifying that the transfer was merely a routine fund management operation and did not indicate an intention to sell holdings.
Source: Emperor
WLFI has made multi-million dollar crypto asset acquisitions ahead of several key industry events related to President Trump. Notably, the company made a sudden purchase of $20 million worth of various tokens just days before the White House cryptocurrency summit on March 7, raising eyebrows regarding the timing and potential strategic intent.
Meanwhile, critics have raised conflict of interest concerns regarding Trump's newly launched stablecoin USD1. Although WLFI has more than doubled its Ethereum holdings since the transfer on February 23, even this aggressive accumulation—combined with the overall rebound of large whale ETH holdings—has not rekindled bullish sentiment in the Ethereum market.
Where might Ethereum's price drop to in April?
If technical indicators are referenced, ETH's price may dip to $1,500 in April, indicating about a 20% downside from current levels. Notably, as of March 30, the ETH/USD trading pair has entered a suspected bearish flag breakdown phase.
ETH/USD daily price chart. Source: TradingView
This technical pattern typically appears after a sharp price drop, followed by an upward consolidation, ultimately breaking down through the trendline support, with declines often matching the height of the previous drop.
According to this technical rule, Ethereum's downward target for April is projected at $1,490.
Double bottom pattern may trigger a 35% rebound
However, bulls are not without hope. If a strong rebound occurs near the current $1,800 support level, it may negate the bearish flag pattern and instead form a double bottom structure—this pattern could push ETH's price back up to $2,500 in April.
ETH/USD daily price chart. Source: TradingView
The double bottom pattern typically appears after a prolonged downtrend, characterized by two distinct troughs forming within the same price range, followed by a breakout above the neckline (the middle rebound high).
ETH has formed a double bottom prototype in the $1,800 support area, with the current neckline resistance around $2,094. If a breakout above the neckline is confirmed, the price rebound could typically reach the maximum height of the pattern, estimating ETH's upward target at around $2,500, representing a 35% upside from the current price.
Related: BlackRock: Bitcoin could undermine the dollar's dominance
This article does not constitute investment advice. All investment and trading activities carry risks, and readers should conduct their own research before making decisions.
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