Ethereum prices have gained around 11% on the day to reach $2,900 during early trading in Asia on Feb. 4 before it retraced slightly.
It is on the path to recovery from a crash to $2,260 on Monday following President Donald Trump’s imposition of trade tariffs on Canada, Mexico, and China. Some of those tariffs have since been suspended, resulting in a crypto market recovery.
ETH prices were also boosted by Eric Trump, who said, “In my opinion, it’s a great time to add ETH” on X. However, most of the respondents mocked the comment or posted tribal FUD.
“Trump nuked ETH and then his son saves it. What timeline are we even in right now,” commented Ethereum educator Anthony Sassano.
In my opinion, it’s a great time to add $ETH.
— Eric Trump (@EricTrump) February 3, 2025
Ethereum Woes Continue
Nevertheless, Ethereum has yet to reclaim $3,000 while Bitcoin briefly tapped six-figure territory, having hit an intraday high of $102,600 in late Monday trading.
This means that the ETH/BTC ratio is still around its weakest level since December 2020 at 0.028, according to Tradingview. Ethereum prices have been eroded in terms of BTC for the past two and a half years as the asset remains depressed in terms of market sentiment.
“No one should freak out if we get a red daily candle now. That was an amazing close and save by the bulls,” said analyst ‘IncomeSharks’ who added, “Would be shocked if buyers didn’t take a break.”
$ETH – Bulls have an hour to close this green. Such a strong recovery candle that the next daily candle is probably red just to give the buyers a break. This will also let us see how thick the order books are with buys or if it’s still thin. pic.twitter.com/FKk2ZCGvLB
— IncomeSharks (@IncomeSharks) February 3, 2025
Additionally, the Trump family’s DeFi project, World Liberty Finance, is being built on ETH and continues to accumulate the asset. It bought another 1,826 ETH worth around $5 million, according to Lookonchain.
The DeFi platform has purchased a total of 61,114 ETH worth $205 million at an average price of $3,354, with a loss of $31 million, it noted.
Trump’s World Liberty(@worldlibertyfi) bought another 1,826 $ETH($5M) today.
World Liberty has bought a total of 61,114 $ETH($205M) at an average price of $3,354, with a loss of $31M!
Today, World Liberty also transferred 86,296 $ETH($235M), 647 $WBTC($65.5M), 256,315… pic.twitter.com/Oerqt5TaoX
— Lookonchain (@lookonchain) February 4, 2025
Despite the clearly bullish premise of a US president buying the asset, it is still plagued by bearish sentiment due to its underperformance.
Altcoins Recovering Quicker
Many of the altcoins have recovered much better than Ethereum. XRP, for example, posted a gain of more than 20% to top $2.75, while Dogecoin (DOGE) rebounded 22% to tap $0.29.
Cardano (ADA) also recovered better than ETH with a 27% pump to top $0.80, while Chainlink (LINK), Avalanche (AVAX), Stellar (XLM), and Sui (SUI) were all outperforming ETH at the time of writing wiping out yesterday’s losses.
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
