Date: Sun, Jan 19, 2025, 03:34 PM GMT
In today’s crypto market, all eyes might be on Donald Trump’s $TRUMP memecoin, but another moves quietly making waves. Donald Trump’s World Liberty Financial has reportedly made a massive Ethereum (ETH) accumulation. Despite ETH not recording any major gains in the past 30 days, this news has sparked renewed interest, potentially setting the stage for a breakout.
Source: Coinmarketcap
Large Accumulation By World Liberty Financial
According to Lookonchain , Trump’s World Liberty Financial spent $20 million in USDC to purchase 6,041 ETH at an average price of $3,311. This move signals confidence in ETH’s long-term value and has brought significant attention to the asset, even amid market-wide stagnation.
Source: Lookonchain (X)
Is A Breakout On Horizon?
ETH’s daily chart displays a falling wedge pattern, a bullish reversal signal. After pulling back from the December 16 high of $4,109, Ethereum has consistently tested the wedge’s resistance and support lines. As of now, ETH is trading at $3,396, nearing the wedge’s upper resistance trendline, marked by the shaded area on the chart.
Ethereum (ETH) 1D Chart/Coinsprobe (Source: Tradingview)
A successful breakout from the trendline and a move above $3,526, the upper range of this resistance box, could validate the wedge’s bullish potential. Such a breakout might propel ETH towards its next resistance levels at $3,745 and $4,109, offering an upside of around 17%.
The MACD (Moving Average Convergence Divergence) indicator on the daily timeframe is starting to show bullish momentum. The histogram is turning green, and the signal line is attempting to cross above the MACD line, which could indicate that buying pressure is increasing. Additionally, the narrowing wedge pattern aligns with the idea of reduced volatility leading to a decisive move.
Ethereum’s fundamentals, paired with this accumulation by Trump’s World Liberty, are creating a promising outlook. If ETH manages to sustain this upward momentum and break the critical resistance levels, it could signal the start of a new bullish rally.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
