Ethereum is on fire. In just 48 hours, ETH has surged from $1,800 to over $2,400, marking one of its sharpest price moves of the year. While much of the rally was attributed to broader market momentum, a new catalyst has entered the narrative—a crypto wallet linked to Donald Trump has just bought $3.5 million in Ethereum.
The transaction was first reported by @lookonchain on X, which flagged the wallet as previously tied to Trump’s 2024 NFT collection revenue.
This isn’t just another whale move—this is a politically significant figure entering Ethereum as the price breaks out of its consolidation range.
Ethereum Price Action: A 30% Surge in Two Days
Ethereum’s price has exploded through resistance levels this week, rallying nearly +30% in less than 48 hours. After sitting below $1,900 for most of early May, ETH began to climb aggressively on May 8, breaking through $2,000 and $2,200 barriers, and today climbing as high as $2,478 before pulling back and now consolidating around $2,350.
Source: Tradingview
Analysts now suggest the Trump-linked wallet buy may have fueled speculative momentum, pushing Ethereum into a higher accumulation range. The Ethereum Fear & Greed Index has flipped bullish for the first time in weeks.
Why This Trump Wallet Matters
The wallet in question was previously identified as receiving royalties from Trump’s NFT trading cards. Its recent activity, including the purchase of 1,125 ETH and 27 WBTC, has reignited discussion about political figures entering crypto markets not just symbolically—but financially.
The optics of a former U.S. president—currently running for re-election—holding Ethereum while crypto is becoming a core election issue is not lost on investors. Some analysts now wonder whether this could drive broader regulatory and institutional attention toward Ethereum.
Market Reactions: Speculation or Strategic Accumulation?
While it’s still unclear whether the wallet is managed by Trump directly, the association alone has been enough to spark a wave of speculative interest. On-chain data confirms the ETH was purchased via multiple transactions, likely OTC, avoiding major price slippage.
Ethereum’s open interest across major exchanges also spiked alongside the move, suggesting institutional traders are paying close attention.
Final Thoughts: Ethereum Enters the Political Spotlight
Ethereum’s latest rally may have been chart-driven—but its continuation could be narrative-driven. A high-profile political wallet entering the market, combined with growing expectations of Ethereum ETF approval later this year, gives ETH a potent mix of price action and real-world momentum.
Whether or not Trump himself is behind the wallet, one thing is clear: Ethereum is no longer just a tech play—it’s now a geopolitical and financial chess piece.
