Eric Trump, the son of United States President Donald Trump, has warned his followers to stop betting against Bitcoin and Ethereum. Eric Trump made the statement while giving a subtle shade to the bears, after about $105 million worth of ETH shorts were wiped.
Eric Trump made the statement to his 5.8 million followers, with the advice coming after Ethereum moved above $4,000 for the first time in eight months. Ethereum saw the largest short positions wipeout of the day after it hit a new point. The development prompted some analysts to say it could be setting the stage for a short squeeze. The comments didn’t go down well with Eric Trump, taking a jab at bearish traders.
Eric Trump warns traders to stop betting against BTC and ETH
Taking to the blogging platform X, Eric talked about the satisfaction he got from the short positions being liquidated. “It puts a smile on my face to see ETH shorts get smoked today. Stop betting against BTC and ETH – you will be run over,” Eric said.
According to reports, about $105 million in Ethereum short positions that were liquidated in the market represented 53% of the total $199.61 million in short positions that were wiped out in the entire crypto market. Ethereum’s price jumped to as high as $4,060 over the day, representing a 4.6% rise in the last 24 hours, before dropping to $4,015.
After ETH broke above the $4,000 price mark, there have been some major price predictions for the asset. Crypto trader Ash Crypto said that the real test will be the $4,100 price mark, noting that it is a major resistance. “If ETH breaks $4100, it could trigger a short squeeze which will send ETH to $4400-$4500 in just a few hours,” the crypto trader said.
Another trader and commentator, Ted, also spoke about the institutional interest in ETH. “It’s never been this bullish in my opinion,” he said. According to Farside data, spot ETH ETFs have recorded about $537 million in inflows in the past four trading days. Popular crypto trader Moustache said, “I know it sounds wild, but I think ETH will go to $10,000+.”
Meanwhile, Fundstrat co-founder Tom Lee has backed the digital asset to go all the way, noting that Ethereum is having its “Bitcoin 2017 moment” and he expects the asset to reach as high as $16,000. The asset has also continued to hold strength, showing signs that altcoins may be preparing for a big rally of about 500% as early as October.
MN Trading Capital co-founder Michael van de Popped said in a previous X post that he is backing altcoins, saying the assets could post gains of 200-500% in the next 2-4 months. “The recent move of ETH is the first step forward to a more risk-on appetite,” he said. According to data, Ethereum’s relative strength against Bitcoin is up by 38.53% in the past 30 days.
Most analysts see the rise in ETH’s price as an indicator of altcoin success, signaling a shift from Bitcoin to other risky assets. However, not all traders share the conviction that ETH’s current surge will last. Ash Crypto previously warned that Ethereum historically posts weak performances around this time of the year. He added that August and September are generally bearish months for crypto, so he would be cautious.
The third quarter has been Ethereum’s weakest-performing over the last few years, dating back to 2016, delivering returns of about 6.48%, according to market data. The record has cast a gloomy look on the current rally, with most market participants skeptical about the continuation of the rally. Crypto trader Muneeb also took to X to share his opinion, noting that “this leg is done for now.”
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