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- ETH’s social dominance soars after Trump’s crypto portfolio was revealed.
- ETH bears dominate after breaking below key support level.
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Trump’s indictments have been making headlines but that has been overtaken by news of his crypto holdings. Recent reports revealed that Trump owns a crypto address that holds Ethereum worth over $2.8 million.
The market reacted to the news with a lot of excitement in the last 24 hours, based on the amount of social interactions.
— LunarCrush (@LunarCrush) August 16, 2023
The number of social interactions related to Trump’s ETH holdings triggered up to 5.6 million interactions per hour. In other words, there was a lot of social chatter and excitement regarding the former President’s crypto portfolio.
This surge in social engagement became apparent on ETH’s social dominance which briefly surged to the highest monthly level in the last 24 hours.
We also observed a surge in volume in the last four days but this did not translate to bullish demand. In fact, ETH’s price action was bearish during the same period, suggesting that the volume was a reflection of sell pressure.
Can Trump trigger a bullish turnaround?
The social dominance surge suggested that ETH received significantly higher visibility in the last 24 hours. However, it extended its downside during the same period, suggesting that the excitement regarding Trump’s crypto holdings may not have had a significant impact on market sentiment.
ETH bears dominated in the last few days, resulting in enough selling pressure to push below long-term ascending support. It exchanged hands at $1,808 at press time.
ETH’s Relative Strength Index (RSI) dipped below its mid-point as the market favored the bears. Perhaps the next question should be whether ETH is headed for more downside or is accumulation building up in favor of a bullish pivot sometime in the next few days.
How many are 1,10,100 ETHs worth today
ETH’s supply held by top addresses has been steadily rising in the last four weeks. It was at its highest level in the last four weeks at the time of writing. This confirmed that ETH whales have been taking advantage of the lower price levels by buying the dip.
Whale accumulation is often a healthy sign. However, ETH’s recent downside means lower profitability as seen in the Market Value to Realized Value (MVRV) ratio which was close to its lowest point in the last four weeks.