Despite strong whale activity, Ethereum's price remains stable, holding above $3,000. Tron founder Justin Sun has significantly increased his ETH holdings, now valued at $1.1 billion.
Ethereum Price Stability Amid Market Volatility
Amid current market volatility, Ethereum (ETH) is showing resilience, maintaining a steady price around $3,070. Significant whale activity is occurring around Ethereum, with Tron founder Justin Sun attempting to absorb selling pressure ahead of the anticipated approval of a spot Ethereum ETF, expected within the next two weeks.
Justin Sun’s Massive Ethereum Acquisition
According to on-chain data provider Spot on Chain, Justin Sun recently spent $5 million USDT to acquire 1,614 ETH at $3,097 per token. Sun has been on an Ethereum buying spree since the beginning of the year. Since February 8, he has accumulated a total of 362,751 ETH across three wallets, investing an estimated $1.1 billion at an average price of $3,047 per ETH.
In addition to these purchases, Spot on Chain reported that Sun recently deposited 45 million USDT to Binance, suggesting potential future Ethereum acquisitions. This substantial accumulation comes just ahead of the expected approval of the spot Ether ETF, likely by the end of July.
Increased Ethereum Whale Activity
While Justin Sun has been acquiring Ethereum from exchanges, there have been significant ETH deposits recently. The Golem Project was a major depositor of ETH to Binance in the last 24 hours, although on-chain data indicates they have ceased selling ETH and are instead staking a total of 40,000 ETH.
Additionally, Elwood Technologies has deposited 26,811 ETH, worth over $84 million, to Binance in the past three days. However, some Elwood-related addresses also withdrew 24,463 ETH from Binance during the same period.
Ethereum’s Price Outlook
Currently, Ethereum’s price is holding firmly above $3,000 despite extensive whale activity. Technical indicators suggest that Ethereum’s price may have already reached its bottom, indicating potential stability and growth ahead of the anticipated ETF approval.
In summary, Justin Sun’s significant Ethereum purchases and the overall increase in whale activity highlight the growing interest and confidence in Ethereum. As the market awaits the potential approval of the Ethereum ETF, these developments could signal a bullish trend for the cryptocurrency.
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