Tron founder Justin Sun denied allegations that he sold his Ethereum altcoin wallet. Sun stated that the latest transaction movements were only transfers between wallets. After this statement, the price of Ethereum increased by 2%. The details are as follows...
Justin Sun Reveals He Is Not Selling Ethereum
Justin Sun denied the Ethereum sales claims and said that the transactions he made were only transfers between wallets. Ethereum rose by 3% after this statement and is moving towards $4,000, showing a performance independent of Bitcoin. The ETH/BTC parity, on the other hand, fell to the base level, indicating that Ethereum may show a stronger performance against Bitcoin in the future.
Recently, Justin Sun defined the large transactions he made on the Ethereum network as only transfers between wallets. He stated that the claims about selling Ethereum assets do not reflect the truth. The Ethereum price increased by 2% after this statement, exceeding $ 3,400. During this period, the ETH price was showing signs of recovery from the bottom levels.
Sun’s Ethereum Transactions and Response to Claims$SUN
After the large Ethereum movements made from Justin Sun’s wallet, withdrawals from liquid staking platforms Lido Finance and EtherFi, and investments made in the HTX exchange, there were allegations that he was selling Ethereum. However, Sun put an end to these allegations and emphasized that his latest transactions were only transfers between wallets. He reiterated that he has full confidence in the Ethereum ecosystem for the long term.
"The rumors circulating online that we are selling ETH are completely false. This is simply an ETH transfer between our wallets. We have full confidence in the Ethereum ecosystem for the long term," Sun said.
Since November 10, as the Ethereum price has been rising, Justin Sun has deposited a total of 108,919 ETH (approximately $400 million) into the HTX exchange. Most of these investments coincided with periods when the Ethereum price was at its peak.
Ethereum Advances Towards $4,000 Target$ETH
Ethereum rose by 2% to $3,400. Comparing it with price movements in 2020, analysts believe that ETH is preparing for a strong rally by recovering from the lows. In particular, the improvement in the ETH/BTC parity indicates that Ethereum will perform better. Today, while the Bitcoin price has fallen to the lows seen in December, a strong upward reversal signal is observed in Ethereum. This situation also supports the recovery in the ETH/BTC parity.
Crypto analyst Javon Marks states that an “Adam and Eve Double Bottom Formation” has formed on the Ethereum price chart, indicating a major rise. According to Marks, with this rise, Ethereum prices could rise to $4,000, but first the $3,542 resistance level must be overcome.
Altcoin analyst Ali Martinez states that there is a critical support zone for Ethereum between $ 3,030-3,130. He also draws attention to a significant resistance zone between $ 3,640-3,740. Martinez emphasizes that a permanent close outside this range will determine Ethereum's price trend. It is stated that ETH is going through a critical period to enter a new uptrend with a target of $ 4,000.