Ethereum surges above $2,900 as Eric Trump encourages buying

Ethereum (CRYPTO:ETH) has seen a rebound, climbing above $2,900 following comments from Eric Trump, who suggested it is a good time to buy Ether.

“In my opinion, it’s a great time to add $ETH,”  Trump stated in a post to his 5.4 million followers on X, although he later edited the post to remove the phrase "thank me later." 

This uptick in Ethereum's price comes after a sharp decline on February 2 and 3, when the cryptocurrency dropped 16% in just one hour due to proposed tariffs by his father, President Donald Trump.

The price of Ether fell to a local low of $2,368 before recovering as President Trump announced a temporary hold on tariffs aimed at Canada and Mexico.

Prior to Eric Trump's statement, Ethereum had already begun to recover, reaching around $2,700 before climbing further to hit $2,913.

Currently, Ethereum is experiencing some fluctuations.

In related developments, the Trump family's World Liberty Financial platform transferred assets worth $307.41 million to Coinbase on February 3.

The platform also unstaked nearly 20,000 Lido Staked Ether and used $5 million in USD Coin to purchase additional Ether.

Spot On Chain indicated that these funds might support World Liberty Financial's (CRYPTO:WLFI) upcoming “Earn and Borrow” lending protocol.

The Ethereum Foundation recently made organisational changes to enhance support for developers within the decentralised finance ecosystem by allocating 50,000 Ether for staking rewards.

Meanwhile, the institution-focused marketing firm Etherealize launched in January to promote Ethereum's potential to Wall Street investors.

At the time of reporting, the Ethereum (ETH) price was $2,693.99.