Ethereum’s (ETH) price has experienced a notable rebound, rising by 6% to reach $67,432 as traders anticipate a significant boost from Donald Trump’s upcoming speech at the Bitcoin Conference this weekend. The recent surge reflects a broader trend in the cryptocurrency market, where optimism surrounding high-profile events is driving substantial investment.
The price of Ethereum (ETH) faced a challenging mid-week period, plunging by 13.45% following the launch of spot Ethereum exchange-traded funds (ETFs) on June 23. However, sentiment shifted positively on Friday, July 26, with markets reacting favorably to Trump’s confirmed appearance at the Bitcoin Conference in Nashville.
The “Bitcoin 2024” conference, which commenced on July 25, has become a pivotal event in the crypto world since its inception in 2013. This year’s conference features a diverse lineup of speakers, including Republican presidential candidate Donald Trump, MicroStrategy’s Michael Saylor, Cathie Wood of Ark Invest, and Edward Snowden. Discussions are expected to center on cryptocurrency taxation, regulation, and broader adoption across the United States.
Trump’s participation is particularly significant given his past assertions of being a crypto-friendly candidate. Speculation is rife that Trump might use his platform to advocate for the inclusion of Bitcoin in the U.S. strategic treasury reserves—a move that would see the U.S. government hold Bitcoin as part of its national assets, similar to strategies adopted by countries like El Salvador and the Central African Republic.
In anticipation of this potential announcement, Ethereum (ETH) traders have significantly increased their long positions in futures contracts. The latest data from Coinglass indicates that traders have locked in approximately $2 billion in speculative perpetual futures contracts within the $2,918 to $3,570 price range. Notably, there is a heavy skew towards long positions, with $1.38 billion in long contracts compared to $600 million in short positions.
This heavy skew suggests that investors are betting on a substantial price increase, driven by expectations of a positive market impact from Trump’s speech. As of now, ETH’s price has surged by 6% to $3,245, fueled by the media buzz and speculation surrounding the conference.
The potential for a major pronouncement from Trump could trigger a buying frenzy, with some analysts predicting that such an announcement could propel Ethereum (ETH) to new all-time highs, potentially surpassing $5,000. As the conference progresses and Trump’s speech approaches, the market will be closely watching for any developments that could further influence Ethereum’s trajectory.
The upcoming days could prove pivotal for Ethereum (ETH) and the broader cryptocurrency market, as the intersection of high-profile political figures and crypto assets continues to shape investor sentiment and market dynamics.