Justin Sun's ETH maneuvers spark trader interest, with $366M profit and potential sell-offs looming amid $4,000+ prices.
Ethereum eyes $4,614 as bullish patterns form; $3,500 support holds firm amid price volatility and steady trading volumes.
Long-term targets include $5,800 and $8,000, as staking growth and strong fundamentals fuel optimism for Ethereum's trajectory.
On-chain data reveals that Sun withdrew 52,905 ETH, valued at $209 million, from Lido Finance. This withdrawal comes after he reportedly acquired 392,474 ETH at an average price of $3,027 between February and August. With Ethereum's price surpassing $4,000, Sun’s estimated profit now stands at $366 million, reflecting a 30% gain.
Interestingly, Sun deposited 29,920 ETH ($119.7 million) to HTX just hours after the price climbed past $4,000. Alongside this, he transferred staking rewards, including 322,119 EIGEN ($1.44 million) and 175,021 ETHFI ($516,000), to the same exchange. Traders are now closely monitoring Sun’s next moves, particularly in anticipation of potential ETH sell-offs that could trigger price volatility.
https://twitter.com/spotonchain/status/1868522021594030142 Price Action and Support Levels
Ethereum’s price action shows a critical test of the $3,500 support level, which many analysts predicted. After an impressive breakout earlier this year, Ethereum surged to resistance near $3,926 before facing rejection. However, a pullback to the green demand zone between $3,280 and $3,542 has provided much-needed stability.
The market has since shown consolidation, forming a potential bullish pattern. An emerging inverse head-and-shoulders structure signals further upside potential. The neckline aligns with the $3,926 resistance level. If Ethereum breaks above this level, it could push toward $4,614, triggering a new wave of bullish momentum.
Source: Wolf
Bullish Outlook and Long-Term Targets
Significantly, breaking $4,614 may open the doors for Ethereum to test higher resistance levels at $5,800 and even $8,000. This aligns with broader market optimism surrounding Ethereum’s fundamentals and staking growth.
On the downside, support remains strong between $2,197 and $2,146, which aligns with the base of the previous ascending triangle. Higher lows and consistent resistance retests suggest strength in Ethereum’s overall trend. Moreover, trading volume remains steady, with no major anomalies indicating extreme market behavior.
Consequently, traders are preparing for both scenarios: a breakout above $4,000 or another test of the $3,500 support. The key focus remains on Ethereum’s ability to maintain its upward trajectory and hit ambitious targets like $10,000 by May.
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