Ethereum price reached $67,432 on July, up 6% for the day as bull merchants place guess value $1.38 billion forward of Trump’s speech at Bitcoin Convention this weekend.  ETH price seems to be set to report extra upside amid the continued market shakeup.

Ethereum Value Pumps 6% on Trump Speech Speculations

ETH price entered a worrying 13.45% downtrend mid-week amid a sell-the-news wave that greeted the spot Ethereum ETFs launch on Tuesday, June 23. Nevertheless, the sector sentiment flipped bullish on Friday, July 26, as markets started to react to Donald Trump’s confirmed look at an upcoming Bitcoin Convention within the USA.

On July 25, 2024, the “Bitcoin 2024” convention kicked off in Nashville. This annual Ethereum occasion has been held since 2013 and has garnered a worldwide following through the years.

This 12 months, high-profile audio system confirmed to seem on the occasion embrace Republican Presidential candidate Donald Trump, MicroStrategy’s Michael Saylor, Cathie Wooden of Ark Make investments, Robert F. Kennedy Jr, Russell Model, Edward Snowden, and a number of others.

Political discussions comparable to taxation, regulation, and adoption of cryptocurrency merchandise throughout the US have dominated the discourse for this 12 months’s version.

Notably, Republican Candidate Donald Trump is scheduled to talk on the occasion. Whereas he has claimed a number of instances to be a crypto-friendly President, many crypto fanatics are speculating that Trump might announce the choice to champion the addition of Bitcoin to the USA’s official strategic treasury reserve.

This might see the US authorities make investments instantly in Bitcoin and maintain BTC in its stability sheet perpetually, as presently noticed in nations like El Salvador and Central African Republic (CAR).

Ethereum Merchants Mount LONG Positions forward of Bitcoin Convention

In a bid to front-run beneficial properties from this optimistic hypothesis, ETH futures merchants have mounted an unusually heavy quantity of LONG positions.

Indicating this, the Coinglass chart beneath presents the entire worth of ETH LONG contracts in comparison with lively SHORT positions listed across the 20% boundaries of the present costs. This supplies clear insights into buyers’ short-term sentiments.

Increased LONG positions typically imply that buyers are assured in an imminent price surge and are deploying extra leverage to maximise income on these potential beneficial properties.

In whole, Ethereum derivatives merchants presently have about $2 billion locked in speculative perpetual futures contracts inside the $2,918 to $3,570 price boundaries.

Obviously, these contracts are closely skewed bullish, with $1.38 billion in LONG contracts mounted in opposition to $600 million value of SHORT positions.

Donald Trump is scheduled to talk on the ‘Bitcoin Nashville’ convention in lower than 24 hours from the time of publication. These closely skewed futures contracts clearly point out that merchants are anticipating a serious Ethereum price breakout on the again of the convention.

Media buzz generated by the within the final 24 hours has already powered ETH right into a 6% rally towards $3,245 on the time of writing. Many anticipate {that a} main pronouncement from Donald Trump, such because the speculated addition of BTC to the USA’s treasury, might spark a serious shopping for frenzy.

Contemplating the extent of leverage presently utilized, there’s an opportunity that such a serious pronouncement might propel ETH to new all-time highs above $5,000 if the bullish situation performs out.