Ethereum Whales, Justin Sun on Selling Spree, ETH Reversal Soon?

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As an analyst with over two decades of experience in the financial markets, I’ve seen my fair share of whale activity and market manipulation. The recent offloading of Ethereum by Justin Sun and other large entities has raised some eyebrows, especially considering the surge in ETH prices.

Tron founder Justin Sun has continued with offloading its massive stash of ETH holdings as the Ethereum price surges to crucial breakout levels of $3,800. Earlier today, Sun offloaded a total of 20,000 ETH worth more than $76 million to the crypto exchange HTX. Other Ethereum whale entities have also started dumping the altcoin in heavy quantities. ETH price is showing a strong recovery gaining 5.5% in the last 24 hours, surging all the way past $3,920 levels with daily trading volumes surging 51% to more than $76 million.

Ethereum Whales and Justin Dump ETH in Big Numbers

The frenzy of large Ethereum investors (whales) has returned, given that ETH has surged beyond $38,000 for a significant period and is approaching $4,000. Yesterday, Tron’s creator Justin Sun transferred another 20,000 ETH (valued at over $76 million) to the crypto exchange HTX, according to data from blockchain analytics provider Spot On Chain.

Over the past few weeks, the Sun has been transferring large amounts of Ethereum into centralized trading platforms as the cryptocurrency recovers from its early November slump. In all, he’s put 41,630 ETH, valued at approximately $145.9 million, onto HTX and Poloniex. This includes 39,000 ETH, worth around $137 million, on HTX and 2,630 ETH, equivalent to $8.76 million, on Poloniex. The average cost of these deposits is thought to be around $3,505 per ETH.

Beyond Justin Sun, Whale Alert also highlighted a significant transaction: 9,011 Ether, equivalent to around $35.34 million, was sent from an unidentified wallet to Coinbase. These substantial Ethereum shifts frequently stir discussions about potential market implications. Some investors predict that an escalated sell-off on the platform could cause a price reversal imminently.

Where is ETH Heading Next – $3000 or $5000?

10x Research indicates Ethereum is nearing the peak of a substantial triangle pattern, which might lead to a significant breakout. Analysts continue to express optimism, implying that if Ethereum manages to exceed this level, it could reach $4,092—the highest price point predicted for 2024—and potentially aim for its previous record high of $4,812.

At this moment, Ethereum’s price is currently rising by 5.5%, standing at approximately $3,923. Its market capitalization is now $472 billion, and daily trading volume has increased significantly by 51% to reach about $65 billion. According to data from Coinglass, the ETH open interest has seen a rise of 9.34%. In the last 24 hours, liquidations have surged to $89 million, with $60 million being short liquidations and $29 million in long liquidations. It’s essential to monitor large Ethereum transactions, as the price has faced five significant rejections at $3,928 previously.

Speaking as analyst Ali Martinez here, I’d like to highlight an ongoing trend: Ethereum’s network activity remains vigorous, with approximately 134,000 fresh addresses being added daily. This consistent upward trajectory signifies growing curiosity and adoption of the Ethereum blockchain. The persistent influx of new users serves as a testament to Ethereum’s robust network vitality.

Furthermore, investments into the spot Ethereum ETF have persisted robustly. On December 4, Wednesday, the total investments amounted to approximately $167.7 million, with BlackRock’s ETHA accounting for around $124.5 million and Fidelity’s FETH contributing about $40.7 million.

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2024-12-05 13:52