Justin Sun Breaks Silence on Alleged Ethereum Liquidation

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As a seasoned analyst with over two decades of experience in the dynamic world of finance and technology, I have learned to navigate through the storms of market rumors and uncertainties. The recent allegations against Justin Sun, the founder of Tron (TRX), regarding his sales of Ethereum (ETH) are no exception.

Justin Sun, creator of Tron (TRX), has spoken out regarding accusations that he sold Ethereum (ETH). In a recent post, Sun refuted claims suggesting he offloaded his Ethereum holdings. This response comes after observable transactions showing substantial deposits into HTX over the past month.

Sun refutes liquidation claims

According to Sun, the claims suggesting he sold his Ethereum assets are false. These speculations arose following observations by financial analysts of substantial transactions between wallets linked to Sun’s ventures.

Such large-scale sales might raise worries, as they could potentially dampen market confidence and lead to a drop in prices. With Ethereum’s price trend in the wider cryptocurrency market, there are growing apprehensions about a possible additional downturn.

Over the last week, Ethereum’s price has dropped significantly from its recent high of around $4,000 during the ongoing bull market. The cryptocurrency dipped to a low of approximately $3,127 in earlier trades, causing concern among investors that it might fall below the $3,000 support point. This downturn occurred due to a massive sell-off of Ethereum coins.

Nevertheless, the altcoin has bounced back strongly and reached $3,458, only to experience some corrections. At present, Ethereum is being traded at $3,391.20, representing a 1.73% growth over the past 24 hours.

Analysts predict bullish turn for Ethereum

As an analyst, I’d like to address the recent speculations and allay any concerns. Regarding the transfers in question, let me clarify that they were not liquidations but rather internal transactions between wallets. Moreover, Sun, the founder of Tron, reiterated his optimistic outlook for the long term on the Ethereum ecosystem, maintaining his bullish stance.

Contrary to the speculations spreading online, we’re not selling off Ether (ETH). Instead, it’s just a shift of ETH from one of our wallets to another. Rest assured, our optimism for the Ethereum ecosystem endures in the long term.

— H.E. Justin Sun 🍌 (@justinsuntron) December 24, 2024

As an analyst, I can say that Sun’s recent message has provided a sense of comfort to the market, potentially easing concerns among investors and traders. It seems that the recent market fluctuations could be tied to uncertainties within certain market sectors.

Currently, analysts anticipate that Ethereum’s price might be forming a base for an upward surge in the near future. They also pointed to the ETH/BTC pair as a sign suggesting a possible market uptrend is imminent.

To reach $4,000 again, Ethereum needs to break through the current resistance at $3,540, according to their assertion. Meanwhile, CryptoQuant anticipates Ethereum could potentially rise to $5,000.

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2024-12-24 16:35