Rumors about Justin Sun selling Ethereum emerged after making large transfers during the price drop, but he clarified that it was just moving funds between wallets. He still holds a large amount of ETH and is confident about its future. Experts hope that the price of Ethereum will rise again.
Justin Sun sells ETH, rumors
Tron (TRX) founder Justin Sun is rumored to have sold a large amount of Ethereum (ETH). These rumors started after data showed huge transfers from wallets associated with him.
The timing of these transfers also coincided with Ethereum’s recent price drop, which led people to believe that Sun was selling his ETH.
The issue began when Justin Sun allegedly transferred approximately $143 million worth of Ethereum (i.e., 39,999 ETH) to HTX. These transfers occurred shortly after Ethereum fell below $4,000 and dropped to $3,127.
However, Sun explained in an X post that he did not sell his Ethereum. He stated that these transfers were merely internal wallet movements and confirmed that despite the price drop, he still believes in Ethereum's long-term potential.
Despite the transfers, he still holds approximately 42,904 ETH, worth about $139 million.
Reports indicate that since November 10, Sun has transferred over 108,919 ETH to HTX at an average price of $3,674, with these transactions typically occurring when prices are higher.
Ethereum Price Trends
Due to the recent instability in Ethereum's price. It recently reached $4,000 before dropping to $3,127, but then rebounded to $3,453.04. Its trading volume is currently $28.64 billion, also slightly down. Analysts believe that Ethereum could recover well, with some patterns suggesting that the price may rise.
Analyst Javon Marks pointed out the 'Adam and Eve double bottom pattern,' which could drive Ethereum to break through $4,000 and potentially rise to $4,800 in the near future.
Despite recent price fluctuations, Ethereum remains a major player in the blockchain world. Its strong role as a decentralized application (dApp) platform and ongoing technological improvements make it an essential part of the cryptocurrency ecosystem. Sun's renewed support for Ethereum reflects an overall optimistic outlook on its future growth and success.
Sun Yuchen's clarification is very important for restoring investor confidence in uncertain times. By directly addressing rumors and reaffirming his support for Ethereum, Sun has helped stabilize the market. His response shows how crucial clear communication is.
Despite concerns about Ethereum's continued growth and development caused by rumors of Sun Yuchen selling his holdings of Ethereum.
