Justin Sun Reportedly Scooped $890 Million Worth of Ethereum, ETH Price surge Ahead?

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Lately, there have been debates surrounding whether Justin Sun, a notable figure in the cryptocurrency world, holds a large quantity of Ethereum (ETH) following recent advancements.

Justin Sun Wallet Shows Strong Ethereum Buying

According to Lookonchain, a supplier of on-chain data, there have been noteworthy transactions in a wallet believed to belong to Sun, raising suspicion. Since the 8th of April, this suspected wallet has reportedly obtained 127,388 ETH, which is equivalent to approximately $405.19 million.

Significantly, a wallet holding 787 million USDT was transferred to Binance over the Tron network starting March 31. At the same time, an enigmatic wallet appeared on Ethereum’s blockchain, withdrawing $96.8 million in stablecoins from Binance.

It’s intriguing to note that this particular wallet started buying Ethereum (ETH) from both Binance and decentralized platforms, amassing a total of 127,388 ETH, equivalent to $405.19 million at the current market price of around $3,172 per ETH. This behavior is reminiscent of another wallet previously associated with Sun, which purchased 168,369 ETH worth $487 million between February 12 and February 24. If these wallets indeed belong to Sun, his Ethereum holdings would sum up to a significant amount of 295,757 ETH, valued at approximately $891 million, obtained from Binance and decentralized exchanges since February 12.

Did #JustinSun buy 127,388 $ETH($405.19M) since Apr 8?
A wallet believed to belong to Justin Sun has transferred approximately 787 million dollars in USDT to Binance on the Tron network since March 31st.
On March 31st, an enigmatic Ethereum wallet emerged and extracted $96.8 million in stable coins from Binance.
— Lookonchain (@lookonchain) April 22, 2024

ETH Price Action Ahead

At present, Ethereum is currently priced $3,226, representing a 1.58% increase, with a market capitalization of $387 billion. A noteworthy development in Ethereum’s hourly chart analysis indicates that it has surpassed two downward trends located at $3,070 and $3,150 thresholds.

At the moment, Ethereum’s value is over $3,190 and sits above its 100-hour moving average, suggesting a positive trend. The first challenge for Ethereum lies at $3,200, followed by more significant hurdles at $3,250 and $3,280. Surmounting these levels could push Ethereum’s price up to $3,350 or even higher.

If the price does not manage to surpass the $3,250 resistance, there is a risk of a decline in the asset’s value. In this case, we expect significant support around $3,150. Should the price drop below the $3,120 level and the 100-hour Simple Moving Average (SMA), selling pressure could intensify, possibly pushing the prices down to $3,020 or even as low as $2,965.

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2024-04-22 09:33