Justin Sun Ethereum Exchange Deposits Continue, ETH Price Drop to $2,800 Soon?

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As a seasoned analyst with over two decades of experience in the financial markets, I’ve witnessed my fair share of market movements and player dynamics. The recent activities of Tron founder Justin Sun, particularly his substantial deposits of Ethereum to HTX, have raised eyebrows and sparked concerns among investors.

Given my background, I can’t help but recall similar situations in traditional markets where large-scale transactions by key players often signal impending market changes. While Sun has denied rumors of a sell-off, the timing of these deposits coinciding with Ethereum’s price drop is hard to ignore.

That being said, it’s essential to consider the bigger picture. The broader crypto market is experiencing selling pressure, and Ethereum appears to be no exception. It’s worth noting that the ETH bulls have failed to push the price above the $3,500 resistance, opening the door for a potential drop below $3,000 to its next support at $2,800.

However, it’s also intriguing to see analyst predictions of an Ethereum rally in the first quarter of 2025, which could potentially kickstart a new bull run for the digital asset. It seems that the crypto market remains unpredictable and full of surprises – much like a game of chess where the pieces are constantly moving, and the outcome is never certain until the very end.

To lighten the mood, I’ll share a joke: Why don’t we ever tell secrets in the cryptocurrency world? Because it only takes one blockchain to reveal all!

As a seasoned crypto investor and trader with over a decade of experience in this rapidly evolving industry, I have learned to keep a keen eye on the moves made by influential figures like Justin Sun. His latest deposit of 29,153 ETH to HTX is yet another strategic move that has sparked speculation in the crypto community. With my extensive background in trading and analysis, I can’t help but feel a sense of anticipation whenever such actions are taken by industry leaders.

However, it’s important to remember that these moves don’t necessarily dictate market direction. The ETH price, currently facing selling pressure, has dropped another 2%, edging closer to $3,300. Analyst predictions suggest a potential drop to $2,800. As an investor, it’s crucial to remain cautious and make informed decisions based on thorough research and analysis rather than solely relying on the actions of individual players in the market.

In my personal experience, the crypto market is not for the faint-hearted or impulsive. It demands patience, a strong understanding of trends, and the ability to adapt quickly to changing circumstances. As always, I encourage fellow investors to approach their investments with a level head and make decisions that align with their risk tolerance and long-term financial goals.

Justin Sun Deposits $96.7M in Ethereum to HTX

Justin Sun, the creator of Tron, recently added 29,153 Ethereum (ETH) worth approximately $96.7 million to the crypto exchange HTX within the last 11 hours, according to information from Spot On Chain. In total, since November 10, Sun has deposited around 227,000 ETH, equivalent to about $807 million, into HTX at an average price of $3,556 per ETH. The majority of these Ethereum holdings were purchased by Sun earlier in the year of 2024 for a cost basis of around $3,036 per ETH.

Moreover, Justin Sun has started the process of withdrawing approximately 96,580 ETH, worth around $322.7 million, from platforms like Lido Finance and EtherFi. Experts speculate that these assets could be used for additional deposits into HTX, suggesting that the crypto tycoon is continuing his active involvement in managing the platform’s liquidity.

The actions taken by the Tron founder regarding Ethereum have led to worries about a significant market sell-off. However, Sun has dismissed these claims, labeling them as ordinary procedures related to Ethereum wallet transfers. Notably, this transfer of ETH by Sun occurred concurrently with a decline in the price of ETH.

People are worried that Tron’s founder’s recent Ethereum actions might trigger a big sale, but Sun claims it’s just normal Ethereum wallet transactions. At the same time, this transfer happened when the price of Ethereum was dropping.

Where Is ETH Price Heading Next?

2024 is drawing to a close, and Ethereum and the overall crypto market have been experiencing some downward push. The ETH bulls haven’t managed to push the price above the significant resistance of $3,500, which has led to an anticipated drop in the ETH price below $3,000, potentially reaching its next support at $2,800. As you can see from the chart below, Ethereum might be shaping up as an inverse head-and-shoulders formation, meaning it could find support at $2,800 before changing direction and resuming its uptrend.

Based on my extensive experience in the crypto market and my deep analysis of Ethereum’s price movements, I am confident that we can expect a significant rally for ETH in the coming years. In particular, I believe that the price could reach as high as $7,080 by April 2025. This prediction is supported by the recent developments in Justin Sun’s exchange and the historical trends of Bitcoin dominance.

I have been actively following the crypto market since its early days, and I have seen firsthand how it has evolved over time. I have learned that it is important to stay informed about the latest developments and to be prepared for sudden changes in the market. In this case, the move from Justin Sun’s exchange and the peak of Bitcoin dominance based on historical trends suggest that a major rally for Ethereum could kickstart in the first quarter of 2025.

I encourage anyone who is interested in investing in ETH to closely monitor its price movements in the coming months and be prepared to take advantage of any opportunities that arise. I personally believe that this rally will provide an excellent opportunity for those who are willing to invest in Ethereum at the right time.

Of course, it’s important to remember that investing in crypto comes with risks, and no one can predict the market with 100% accuracy. However, based on my analysis and experience, I am confident that this rally will be a significant event for the crypto market as a whole, and particularly for Ethereum.

At the moment’s report, Ethereum is being exchanged at a decrease of 1.38%, priced around $3,340, and has a market capitalization of approximately $402 billion. According to Coinglass statistics, over the past 24 hours, liquidations have skyrocketed to $38.3 million, with $27.52 million being long liquidations.

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2024-12-31 09:36