Justin Sun moves $96.7M in Ethereum as price nears $2,800
Tron (CRYPTO:TRX) founder Justin Sun has continued his pattern of substantial Ethereum (CRYPTO:ETH) deposits to the crypto exchange HTX, sparking concerns of a potential sell-off in the market.
Recent data reveals that Sun transferred an additional 29,153 ETH, worth approximately $96.7 million, in the past 11 hours.
This latest move contributes to a total of 227,000 ETH, valued at roughly $807 million, deposited since November 10, according to Spot On Chain.
In addition to these deposits, Sun unstaked 96,580 ETH, valued at $322.7 million, from platforms like Lido Finance and EtherFi.
Analysts speculate that these unstaked assets may also be destined for HTX, indicating a strategic liquidity management approach by the Tron founder.
Sun, however, dismissed sell-off rumors, describing the transactions as routine wallet transfers.
Analysts point to the asset's struggle to break the critical $3,500 resistance, which has paved the way for further declines toward the $2,800 support level.
Popular chartist Charting Guy suggests that Ethereum may be forming an inverse head-and-shoulders pattern, with the $2,800 mark serving as a potential pivot for a rebound.
Looking ahead, analysts anticipate a strong Ethereum rally in early 2025.
Charting Guy predicts a price surge to $7,080 by April, while Crypto Rover forecasts the rally to commence on January 1, 2025, as Bitcoin dominance peaks, citing historical trends.
At the time of reporting, the Ethereum price was $3,350.83.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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