- ETH’s social dominance surges after Trump’s crypto portfolio was unveiled.
- ETH bears dominate after breaking below key support level.
Former US President Donald Trump owns Ethereum [ETH] and the crypto world is ecstatic about it. So much so that it reportedly caused an increase in Ethereum social activity over the past 24 hours.
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Trump’s charges have made headlines, but that has been overtaken by news of his crypto holdings. Recent reports revealed that Trump owns a crypto address that contains Ethereum worth more than $2.8 million.
The market reacted to the news with a lot of excitement over the last 24 hours, based on the number of social interactions.
Donald Trump’s $2.8 million in $ETH holdings makes Ethereum trending with a whopping 5.6 million interactions per hour through social posts.https://t.co/TYh2loDIBx
— LunarCrush (@LunarCrush) August 16, 2023
The number of social interactions related to Trump’s ETH holdings generated up to 5.6 million interactions per hour. In other words, there was a lot of social chatter and excitement about the former president’s crypto portfolio.
This increase in social engagement was evidenced by the social dominance of ETH, which briefly rose to its highest monthly level in the past 24 hours.
Source: Sentiment
We also saw an increase in volume over the past four days, but this did not translate into an increase in demand. In fact, ETH’s price action was bearish over the same period, suggesting that volume was a reflection of selling pressure.
Can Trump Trigger a Bullish Turnaround?
The rise in social dominance suggested that ETH gained significant visibility over the past 24 hours. However, during the same period, it extended its downtrend, suggesting that excitement over Trump’s crypto holdings may not have had a significant impact on market sentiment.
ETH bears have been dominating for the past few days, resulting in enough selling pressure to move below long-term bullish support. It changed hands for $1,808 at the time of going to press.
Source: TradingView
ETH’s Relative Strength Index (RSI) fell below the midpoint as the market favored the bears. Perhaps the next question should be whether ETH is headed for more downturns or whether accumulation builds in favor of a bullish pivot sometime in the next few days.
How much are 1,10,100 ETHs worth today
The supply of ETH held by top addresses has risen steadily over the past four weeks. It was at the time of writing at the highest level of the past four weeks. This confirmed that ETH whales have benefited from the lower price levels by buying the dip.
Source: Sentiment
Whale bulking is often a healthy sign. However, ETH’s recent downside means lower profitability, as seen in its market value to realized value (MVRV) ratio, which has been close to its lowest point in the past four weeks.