Tron founder Justin Sun sold 50% of his Ethereum (ETH) assets, making a transaction worth approximately $143 million. After this sale, the Ethereum price lost 17% of its value. The sale was made after Ethereum failed to break the $4,000 level. Blockchain analysis company Spot On Chain announced that Sun had withdrawn approximately 39,999 ETH from the Lido Finance and EtherFi platforms in the last week, and that this amount was then transferred to the HTX exchange. It was also stated that Sun had transferred a total of 108,919 ETH to HTX as of November 10. According to the analysis, these transactions were usually made near Ethereum's price peaks.
It was also determined that Sun had 42,904 ETH unstaking via Lido Finance. Analysts are evaluating the possibility of sending these assets to the HTX exchange in the future. This situation creates expectations of additional selling pressure in the Ethereum market, while the price of Ethereum is also approaching a critical level. If ETH loses the support level below $ 3,500, the risk of further price declines will increase.
ETH Market Decline Expectations$ETH
There has been a negative atmosphere in the Ethereum market recently. The sales of large investors are increasing the possibility of ETH falling below $ 3,000. Crypto analyst IncomeSharks warned investors by saying, "This is not a good time to sell." However, another analyst, I am Crypto Wolf, stated that an inverse head and shoulders (iHS) pattern has formed in ETH, which could help ETH exceed $ 4,000. The analyst predicted that the price could rise to $ 10,000 in May. While most Ethereum buyers are still in a profitable position, the selling pressure from large investors continues to affect the market. The Ethereum price carries the risk of a drop towards the $ 3,000 level, and the volatility in the market is forcing investors to be cautious.
Justin Sun's sales by halving his ETH holdings and the effects of these sales on the price are among the determining factors for the future of the Ethereum market.