Ethereum price down almost 50% since Eric Trump's 'add ETH' endorsement

Ethereum’s native token, Ether (ETH) has lost almost half its value two months after Eric Trump, son of US President Donald Trump, told his 5.7 million followers that it was a “great time” to add the biggest altcoin to their portfolios.

Source: X/Eric Trump

As of March 31, Ether was trading for as low as $1,820, down approximately 40% since Eric Trump’s bullish tweet.

ETH/USD daily price chart. Source: TradingView

Meanwhile, Ether’s crypto market share has plunged from 10.28% at the time of Eric Trump’s X post to 8.39% as of March 31, the lowest since 2020.

Ethereum Dominance Index daily chart. Source: TradingView

A series of market headwinds blindsided traders following Eric Trump’s comment.

For instance, on Feb. 21, Bybit, a prominent cryptocurrency exchange, suffered a major security breach in which it lost approximately $1.5 billion in Ether, marking the largest cryptocurrency heist to date.

President Trump’s escalating tariff war against Canada, Mexico, and China also intensified selling across Ethereum and the broader crypto market. His 25% tariffs on auto imports, which are set to go live on April 3, are further dampening risk sentiment.

Michaël van de Poppe, the co-founder of crypto portfolio management firm MN Consultancy, doubted an Ether price rebound in the coming days, adding that the markets should anticipate an ETH bottom when gold price peaks.

Source: X/Michaël van de Poppe

Gold, a traditional risk-off asset, has surged 17.60% year-to-date to reach a record high of $3,085 an ounce.

World Liberty Finance (WLFI), a decentralized finance firm associated with the Trump family, strategy transferred 73,783 ETH (~$212.60 million at the time) to Coinbase Prime two days after Eric Trump’s X post on Feb. 21.

WLFI Ethereum holdings chart. Source: Arkham Intelligence

The close timing of these events has led to speculation within the crypto community about Eric Trump’s intentions. That is despite WLFI’s clarification that the transfer was part of routine treasury management and not indicative of an intent to sell off their holdings. ​

Source: Emperor

WLFI has made several multimillion-dollar crypto purchases just ahead of key industry events tied to President Trump.

Notably, the firm acquired $20 million worth of various tokens in the days leading up to the March 7 White House Crypto Summit, raising eyebrows over the timing and potential strategic intent.

Similarly, critics have raised concerns about Donald Trump’s new stablecoin, USD1, citing a conflict of interest.

WLFI has more than tripled its Ether holdings since the Feb. 23 transfer. However, even this aggressive accumulation—coupled with a broader uptick in whales’ ETH holdings—has done little to reignite bullish sentiment in the Ethereum market.

If technical indicators are any cue, Ether’s price can still go below $1,500 in April, down about 20% from the current price levels.

Notably, as of March 30, the ETH/USD pair had entered the breakdown stage of what appears to be a bear flag pattern.

ETH/USD daily price chart. Source: TradingView

This technical setup forms when the price consolidates higher after a sharp downturn and typically resolves when the price breaks below the lower trendline, falling by as much as the previous decline’s height.

Applying this technical rule brings $1,490 as Ether’s next downside target in April.

But all hope isn’t lost for the bulls. A sharp rebound from the current support levels at around $1,800 may still invalidate the bear flag setup. Instead, it may trigger a double-bottom pattern, which could help ETH's price rebound toward $2,500 by April.

ETH/USD daily price chart. Source: TradingView

A double bottom typically appears after a prolonged downtrend and is characterized by two distinct troughs near the same price level, followed by a breakout above the interim high—known as the neckline.

Related: Ethereum futures premium hits 1+ year low — Is it time to buy the ETH bottom?

ETH has printed two bottoms around the $1,800 support zone, with the neckline resistance near $2,094.

A decisive break above the neckline could confirm this pattern, staging the price for recovery by as much as the pattern’s maximum height. That puts ETH’s upside target at around $2,500, up 35% from the current prices.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.