There were rumors that Justin Sun sold Ethereum after making large transfers during the price drop, but he clarified that it was just moving funds between wallets. He still holds a lot of ETH and believes in its future. Experts are hopeful that the price of Ethereum will rise again.

Justin Sun Sold ETH, These Rumors

ETH

Justin Sun, the founder of Tron (TRX), is rumored to have sold a large amount of his Ethereum (ETH). The rumors started after data showed massive transfers from wallets linked to him.

The timing of these transfers also combined with the recent drop in the price of Ethereum, leading people to believe that Sun was selling his ETH.

The problem began when Justin Sun allegedly transferred $143 million worth of Ethereum, or 39,999 ETH, to HTX. The transfers occurred shortly after Ethereum’s price dropped below $4,000, falling to $3,127.

Sun clarified on the X site that he did not sell Ethereum. He said the transfers were just internal wallet movements and also stressed that he still holds Ethereum for the long term, despite the price decline.

Despite the transfers, he still holds around 42,904 ETH which is worth around $139 million.

Sun reportedly moved over 108,919 ETH to HTX since November 10 at an average price of $3,674, a time when such transactions are typically high.

As the price of Ethereum has been volatile lately. After hitting $4,000 recently, it dropped to $3,127, but bounced back to $3,453.04. Its trading volume, now at $28.64 billion, has also declined slightly. Analysts believe Ethereum could recover well, with some patterns pointing to a potential price spike.

Analyst Javon Marks has called for an “Adam and Eve double bottom pattern,” which could push Ethereum above $4,000 and possibly as high as $4,800 in the near future.

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Despite recent price changes, Ethereum remains a major player in the blockchain world. Its role as a platform for decentralized applications (dApps) and ongoing technological improvements make it an important part of the cryptocurrency ecosystem. Sun’s renewed support for Ethereum reflects the general optimism about its future growth and success.

Justin Sun’s clarification was crucial in restoring confidence among investors during a time of uncertainty. By directly addressing the rumors and reiterating his support for Ethereum, Sun helped calm the market. His response shows how important clear communication is.

Although rumors about Justin Sun selling his Ethereum holdings have raised concerns, Ethereum continues to grow and develop.