Ethereum Price Jumps As TRON Founder Justin Sun Accumulates 15K ETH, What’s Next?

by

On April 24, Ethereum, the second largest cryptocurrency in terms of global market value, sparked enthusiasm among crypto traders and investors worldwide. The price of Ethereum bounced back significantly, leading to increased interest from large investors, or “whales.” This renewed attention on Ethereum, often referred to as Solana’s rival, resulted in increased discussion about potential price movements for the token.

Significantly, Justin Sun, the well-known founder of TRON, has been purchasing large quantities of ETH as indicated by recent on-chain information. At the same time, there’s been a surge in whale activity related to ETH over the last few days, fueling positive expectations for the token. Let’s delve deeper into why Ethereum is generating bullish sentiment among whales, despite its sideways trend in recent trading days.

Ethereum Accumulations Note A Spike, Fuels Market Optimism

Based on Lookonchain’s analysis, the wallet associated with Justin Sun, a well-known figure in the crypto world, withdrew 15,389 ETH, equivalent to around $49.78 million, from Binance on April 24. This significant transaction has drawn widespread attention. The fact that Sun is amassing large amounts of Ether fuels optimism about its future, leading many to predict a bullish trend for Ethereum’s price movement.

Yesterday, CoinGape Media highlighted an intriguing development in the Ethereum market: large investments by ETH whales totaling over $1 billion, including a significant purchase of $1 billion by Justin Sun. This investment from the TRON founder underscores his confidence in Ethereum and adds to the growing trend of Ethereum whale accumulations. These developments suggest a very bullish outlook for Ethereum’s price movement going forward.

Ethereum Price Jumps

Currently, the price of Ethereum’s token has increased by 1.67% over the last 24 hours and is being traded at $3,242. The market capitalization of Ethereum has grown by 1.58%, while its trading volume has seen a significant rise of 2.16%. These developments have brought about a small sense of optimism in the Ethereum token market.

The price surge of Ethereum (ETH) we’ve seen lately can be attributed to the significant buying activity over the past few days, as previously discussed. However, data from Ethereum derivatives suggests that investor enthusiasm and market action for the token may be waning. This could indicate a possible downtrend for Ethereum at present, based on available information. According to Coinglass, there was a 0.39% decrease in ETH open interest and a 2.88% drop in derivatives volume.

The future price direction of ETH is unclear, as it could be influenced by bulls or bears at any point. However, after Bitcoin‘s halving event, there is optimism in the crypto community, and large investors, known as whales, have been accumulating ETH. As a result, many market watchers are closely monitoring ETH, anticipating a potential price increase.

Read More

2024-04-24 08:13