Tron founder Justin Sun continues to make deposits through the Ethereum exchange, having earlier transferred another 29,153 ETH to the cryptocurrency exchange HTX. This is one of several deposits made by Justin Sun this year, raising concerns over ETH. The price of ETH continues to face selling pressure, dropping another 2% to nearly 3,300 dollars, while analysts expect it to reach 2,800 dollars.
Justin Sun deposited Ethereum worth 96.7 million dollars into HTX.
According to Spot On Chain data, Tron founder Justin Sun has deposited a large amount of funds into the cryptocurrency exchange HTX in the past 11 hours, transferring 29,153 ETH valued at 96.7 million dollars. On-chain data shows that since November 10, the Tron founder has deposited a total of 227,000 ETH into HTX, worth approximately 807 million dollars, with an average price of 3,556 dollars per ETH. Justin Sun acquired most of these assets at a cost basis of about 3,036 dollars per ETH in early 2024.
Additionally, Justin Sun has initiated the redemption of 96,580 ETH (worth 322.7 million dollars) from platforms such as Lido Finance and EtherFi. Analysts believe that these assets are likely to be further deposited into HTX, indicating that this cryptocurrency mogul continues to be active and manage liquidity.
Justin Sun's recent Ethereum actions have raised concerns about a massive sell-off; however, Justin Sun has denied these rumors, stating that this is a routine part of Ethereum wallet transfers. Interestingly, Justin Sun's ETH actions coincide with the drop in ETH prices.
Where will the price of ETH head next?
As we bid farewell to 2024, both Ethereum and the broader cryptocurrency market have experienced some selling pressure. ETH bulls failed to break through the key resistance level of 3,500 dollars, opening the door for ETH prices to fall below 3,000 dollars, all the way down to the next support level of 2,800 dollars. As shown in the figure, Ethereum may be forming an inverted head and shoulders pattern, where it could reverse trajectory before the support level at 2,800 dollars.
With Justin Sun's latest move in the exchange, renowned analyst Charting Guy predicts that the price of ETH will soar to 7,080 dollars by April 2025. Therefore, a significant rise in Ethereum may start in the first quarter of 2025. Famous cryptocurrency analyst Crypto Rover expects the rise of Ethereum to commence on January 1, 2025, citing historical trends indicating that Bitcoin's dominance will peak.
As of the time of publication, the price of Ethereum has dropped by 1.38% to 3,340 dollars, with a market capitalization of 402 billion dollars. According to Coinglass data, the 24-hour liquidation amount surged to 38.3 million dollars, with long liquidations accounting for 27.5 million dollars.
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