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Justin Sun, the founder of Tron, recently moved 29,920 ETH worth $119.7 million to the cryptocurrency exchange HTX. This significant transaction occurred after Ethereum's price crossed the $4,000 mark, sparking speculation about whether Sun is locking in profits or preparing for future investments.
Details of Sunâs Ethereum Transactionsđđ
Justin Sun has been actively trading Ethereum in recent months:
December 8, 2024: Sun transferred 29,920 ETH ($119.7 million) to HTX following Ethereum's price rise above $4,000.
December 5, 2024: He moved 20,000 ETH ($76.3 million) to HTX as Ethereum surpassed $3,800.
February to August 2024: Sun reportedly bought 392,474 ETH for $1.19 billion, at an average price of $3,027 per ETH.
Between November and December, Sun sent 41,630 ETH ($145.9 million) to exchanges, realizing an estimated $366 million profit from these trades, excluding staking rewards and airdrops.
Ethereumâs Price Momentumđ
Ethereum has experienced a steady rise in price:
Current Price: $3,852 (following a brief high of $4,017).
Monthly Growth: 26%.
Weekly Increase: 7%.
The price increase is driven by growing institutional interest and strong inflows into Ethereum ETFs:
Last week, Ethereum ETFs saw $837 million in net inflows, a record high.
BlackRockâs ETH ETF (ETHA) led the inflows, contributing $573 million.
Key Levels to WatchđŻ
Analysts have highlighted critical price levels:
Resistance: $4,540, which could trigger a new all-time high if breached.
Support: $3,560, which must hold to sustain the bullish momentum.
Market Impactâď¸
Justin Sunâs Ethereum transactions and the recent price surge reflect growing optimism in the crypto market. While Sunâs moves might indicate profit-taking, the sustained interest from institutional players suggests Ethereum could continue its upward trajectory.
However, broader market conditions and investor behavior will determine whether Ethereum can maintain its bullish momentum or face a pullback.
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