Eric Trump's Ethereum Endorsement Pumps ETH Price, But Uncertainty Remains

Ethereum's price climbed above $2,900 after a steep drop earlier in the month. The price jump came after U.S. President Donald Trump temporarily paused tariffs.

Eric Trump, son of former U.S. President Donald Trump, has encouraged investors to buy Ethereum (CRYPTO: ETH).

On Feb. 3, Eric Trump posted on Instagram, telling his 5.4 million followers, “In my opinion, it’s a great time to add $ETH.” He later removed the phrase, “You can thank me later.”

His comment came after a crypto market crash on Feb. 2 and 3, where Ethereum’s price fell by 16% in one hour, hitting $2,368.

After President Trump halted the tariffs, Ethereum rebounded to around $2,700. Following Eric Trump’s post, ETH continued to climb, peaking at $2,913 before settling at $2,684.

Trump’s Crypto Platform Moves Millions in Ethereum

Eric Trump’s comments were made as his family’s crypto project, World Liberty Financial (WLF), made large transactions. On February 3, WLF moved $307.41 million worth of assets to Coinbase’s custody platform. It also converted nearly 20,000 staked Ethereum (STETH) into ETH and spent $5 million in USDC to buy 1,826 ETH at $2,738.

Blockchain analysts suggest these funds could support WLF’s “Earn and Borrow” lending protocol, which is not fully operational yet. In January, the Ethereum Foundation also announced a plan to support Ethereum developers, setting aside 50,000 ETH for staking rewards.

Why Did WLF Move Ethereum to Coinbase?

Crypto analysts noted that WLF transferred nearly all of its Ethereum holdings to Coinbase. The project had held over $175 million in ETH, making it its largest asset. However, WLF offloaded almost all of its Ethereum through multiple transactions, with its total crypto holdings dropping from $363 million to just over $33 million.

Some believe WLF may be preparing to sell ETH, as moving assets to an exchange often signals selling activity. However, the protocol also received small amounts of ETH from multiple addresses linked to Binance, KuCoin, and Upbit.

Amid speculation of a sell-off, the project quickly addressed concerns, stating that the transfers were part of routine business operations and not a sign of a sell-off. In a post on Instagram, WLF clarified that the movements were a simple stash reallocation.

Ethereum’s Price Struggles Despite Market Recovery

Ethereum has not performed as strongly as Bitcoin, XRP, and Solana in this bull cycle. Although ETH rebounded 50% from its recent low, its market cap has not grown as quickly as its competitors.

At the same time, the Ethereum developer community is debating the project’s future. Some argue that Ethereum’s leadership has been slow to adapt, affecting its growth. Meanwhile, a new marketing firm, Etherealize, launched on Jan. 22 to promote Ethereum to Wall Street investors.

Trump’s Influence on Crypto

Eric Trump’s Ethereum endorsement fueled speculation about the Trump family’s broader crypto involvement. Some believe his statement suggests Ethereum could play a role in U.S. financial strategies. However, President Trump has not officially backed Ethereum for any national economic plan.

The Trump family’s WLF project has been heavily involved in crypto markets, making large token purchases. On Inauguration Day, WLF bought $112.8 million worth of crypto, possibly as a symbolic investment. The protocol also completed a $254 million fundraising round before Trump entered office.

Despite Ethereum’s rebound, uncertainty remains. WLF’s large ETH movements and the ongoing developer debates could shape the cryptocurrency’s future. For now, Ethereum continues to trade above $2,800, with investors watching closely for the next move.