Eric Trump, son of the sitting United States president, made a relatively unexpected endorsement of Ethereum (ETH) back on February 3. The executive vice president of the Trump Organization did so by means of a post on X.
“In my opinion, it’s a great time to add $ETH.”
This vote of confidence came shortly after Donald Trump announced that he would hold a press conference on February 4 to discuss the U.S. strategic crypto reserve. Soon after, 1,000 ETH was sent from Trump’s address to a Coinbase hot wallet.
At the time, both technical indicators and market sentiment painted an optimistic picture regarding Ethereum’s future prospects. However, things didn’t exactly pan out as the bulls would have preferred.
Ethereum price crashes following Eric Trump’s endorsement
On February 3, when Eric Trump shared his bullish sentiment, Ethereum was changing hands at a price of $2,862. A day later, it closed at $2,877 after a negligible 0.52% move to the upside.
Since then, ETH prices have been on a constant downward trajectory, with the exception of a couple of short-lived rallies. Following President Trump’s newest round of tariff packages, the cryptocurrency market crashed, wiping out some $300 billion in value. Ethereum, which has underperformed the wider market, wasn’t spared.
At press time on April 7, the digital asset was changing hands at a price of $1,573, having marked a 14.74% decline on the weekly chart that has brought year-to-date (YTD) losses up to 52.87%.
Accordingly, the price of Ethereum is 45.03% lower than when Eric Trump referred to it as a good buying opportunity, having lost nearly $1,300 in value. For the sake of reference, that means that a $1,000 investment made on the day of his endorsement would now be worth just $549.
Featured image via Shutterstock
