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

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 Ethereum whale activity has picked up once again as ETH gives a multi-year breakout above $38000 while moving closer to $4,000. Tron founder Justin Sun made another substantial Ethereum deposit, adding 20,000 ETH worth more than $76 million, to the crypto exchange HTX on Thursday, as per data by blockchain analytics platform Spot On Chain.

Sun has been actively moving Ethereum into centralized exchanges since the cryptocurrency began its rebound in early November. In total, he has deposited 41,630 ETH, worth $145.9 million, including 39,000 ETH, worth $137 million, to HTX and 2,630 ETH, worth $8.76 million to Poloniex. The average purchase price for these deposits is estimated at $3,505 per ETH.

Apart from Justin Sun, Whale Alert also pointed out that 9,011 ETH, valued at approximately $35.34 million, was transferred from an unknown wallet to Coinbase. Such large movements of Ethereum often spark speculation about potential market impacts. Some traders anticipate that increased sell pressure on the exchange could lead to price reversal soon.

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

According to 10x Research, Ethereum is testing the upper boundary of a massive triangle formation, signaling a potential breakout. Analysts remain bullish, suggesting that a successful breach at this level could propel Ether to $4,092—the highest price recorded in 2024—and possibly challenge its all-time high of $4,812.

As of press time, the ETH price is trading 5.5% up at $3,923 with a market cap of $472 billion and daily trading volume surging 51% to $65 billion. As per the Coinglass data, the ETH open interest has surged by 9.34% while the 24-hour liquidations have surged to $89 million with $60 million in short liquidations and $29 million in long liquidations. It will be crucial to keep a close watch on Ethereum whale dumping as the ETH price has faced five big rejections at $3,928 in the past.

On the other hand, analyst Ali Martinez stated that Ethereum’s network activity continues to surge, with over 134,000 new addresses created daily. This consistent growth reflects increasing interest and adoption of the Ethereum blockchain. The steady addition of new users underscores Ethereum’s robust network activity.

Moreover, inflows into spot Ethereum ETF have continued at a strong pace. On Wednesday, December 4, the total inflows stood at $167.7 million of which, BlackRock’s ETHA contributed $124.5 million while Fidelity’s FETH contributed $40.7 million.