- Donald Trump reportedly holds a $250,000 stake in Ethereum (ETH).
- Ethereum’s transaction fees surged by 176% in 2023, outpacing price appreciation.
- ETH could potentially convert the resistance level of $1,915 into support.
Watcher.Guru’s recent tweet reveals that financial documents indicate former U.S. President, Donald Trump, has a substantial stake in Ethereum
CoinMarketCap data revealed that Ethereum (ETH) was trading at $1,848.13, marking a marginal 24-hour increase of 0.05%. This minor uptick further bolstered ETH’s weekly performance, pushing it into positive territory at +1.05%.
The 24-hour trading volume for the cryptocurrency did not witness any surge. Instead, it experienced a decline of 15.44%. As a result, ETH’s cumulative daily trading volume was recorded at $3,145,343,749 at the time of reporting.
In a recent development, a fellow Twitterati shared some intriguing insights about the cryptocurrency market. Chris Burniske, in his tweet, highlighted that Ethereum transaction fees have witnessed a staggering surge of 176% in 2023. Interestingly, this growth rate outpaced the price appreciation of ETH during the same timeframe, which saw a relatively modest increase of 53%.
Burniske highlights a significant correlation between ETH’s network fees and its price during the previous bull market, particularly when the fees surpassed the price in 2020. This occurred following a two-year downward trend.
Technically speaking, ETH was trading above its 9-day Exponential Moving Average (EMA) at the time of writing. If Ethereum, the leading altcoin, manages to close a daily candle above its 50-day EMA, which is approximately $1,860.86, it could potentially convert the resistance level of $1,915 into a support level in the upcoming days. Surpassing this price level would pave the way for ETH to ascend towards $1,980.
Conversely, if the daily candle closes beneath the 9-day EMA line, the altcoin could decline to $1,775 in the forthcoming week. Persistent selling pressure could drive the cryptocurrency’s value towards the next critical support threshold of $1,685.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
