The cryptocurrency market is showing signs of recovery after a recent downturn, with Ethereum (ETH) in focus as key investors signal bullish sentiment. Despite the lingering bearish sentiment, recent activities by prominent whales suggest a potential shift toward optimism. On July 11, 2024, blockchain analytics firm Lookonchain reported that TRON founder Justin Sun has significantly bolstered his Ethereum holdings. Sun purchased 1,614 ETH, valued at $5 million, at an average price of $3,097.
Justin Sun ETH accumulation
This purchase follows his ongoing accumulation since February 2024, amounting to 362,751 ETH worth approximately $1.11 billion, acquired through three distinct wallets. Sun’s additional deposit of $45 million USDT to Binance further underscores his bullish outlook on Ethereum.
12 hours ago, Justin Sun (@justinsuntron) allegedly spent 5M $USDT to buy 1,614 $ETH at ~$3,097.Since Feb 8, Justin Sun might have bought 362,751 $ETH (est. cost: $1.11B) at ~$3,047 via 3 wallets (more details in previous posts ).Note that he also deposited 45M $USDT to… https://t.co/xeW1usR3MJ pic.twitter.com/aJ4zhXFas2
— Spot On Chain (@spotonchain) July 11, 2024
Concurrently, another major player named Golem has ceased ETH selling activities, instead staking a substantial 40,000 ETH valued at $124.6 million. This strategic shift by Golem suggests a potential alignment with bullish market trends.
Golem(@golemproject) appears to have stopped selling $ETH, and he staked 40,000 $ETH($124.6M) 8 hours ago.https://t.co/JLwB4bmBtQ pic.twitter.com/HzizTZ01YG
— Lookonchain (@lookonchain) July 11, 2024
ETH technical analysis and upcoming level
Technical analysts highlight Ethereum’s recent bullish indicators. Notably, ETH has broken out above the neckline of a bullish double-bottom pattern on the 4-hour chart, with experts eyeing a potential rise to the $3,300 level upon a daily closing above $3,135. Ethereum’s price action above the 200 Exponential Moving Average (EMA) on the daily timeframe further supports a bullish sentiment, corroborated by a positive reversal signal from the Relative Strength Index (RSI).
Despite these bullish signals, market sentiment remains cautious, reflected in a negative open interest (-0.53%) over the past 24 hours, indicating subdued investor activity amid prevailing market uncertainties. However, data from CoinGlass suggests a resurgence in bullish support over the last 7 days, potentially triggering liquidations of approximately $1.18 billion in short positions if ETH surpasses $3,300. Conversely, failure to sustain current levels could lead to liquidations totaling $1.46 billion in long positions should ETH retreat to $2,900.
As of the time of writing, Ethereum is trading near $3,115, marking a modest 0.5% increase in the past 24 hours. Over a broader timeframe, ETH has experienced a 2.3% decline in the last 7 days, and a notable 12% drop over the past 30 days, highlighting recent market volatility.
