Sun has made another big move! He sold half of the $ETH he held, which significantly impacted the price of Ethereum.
Ethereum had finally risen to $4000, but Sun's actions caused a crash, plummeting by 17%. Since Trump won the election, the price of Ethereum began to rise, and Sun started his selling mode. In particular, last Monday he sold $143 million worth of ETH in one go, causing the Ethereum price to slide down like on a slide, decreasing by more than 15% in the cryptocurrency market.
According to blockchain analytics firm Spot On Chain, Sun Yuchen redeemed nearly 40,000 ETH from two staking platforms, then deposited all that money into his own trading platform HTX. Since November 10, Sun Yuchen has deposited over 100,000 ETH into HTX, with a total value of up to $400 million, and each deposit has been timed to coincide with price peaks.
Currently, the market sentiment is not very optimistic; everyone feels that the price of Ethereum is about to drop below $3000. Some analysts even predict that due to the selling by whales, the price of Ethereum might drop to $2800.
However, not everyone is bearish; some analysts believe that the Ethereum price chart seems to be forming an inverse head and shoulders pattern, which could allow the price of Ethereum to break through $4000 again, or even rise to $5000.
That said, while some are optimistic, the current situation is indeed not very good, and the price of Ethereum may test the $3000 level again. We should still be cautious and not get swept away by market fluctuations.
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