Justin Sun Reportedly Scooped $890 Million Worth of Ethereum, ETH Price surge Ahead?
Highlights
- Wallets linked to Justin Sun have obtained 127,388 ETH, totaling $405.19 million.
- Analysis of the ETH/USD pair's hourly charts indicates a bullish breakout with ETH price shooting past $3,700.
- However, failure to surpass the $3,250 resistance level could lead to a downtrend.
In recent developments, questions have arisen regarding whether Justin Sun, the prominent figure in the crypto space, has acquired a substantial amount of Ethereum (ETH). If true, this could further help boost the ETH price gain momentum to $3,500 and above.
Justin Sun Wallet Shows Strong Ethereum Buying
Lookonchain, an on-chain data provider, highlights intriguing activities in whale wallets suspected to be associated with Sun. Since April 8, a wallet suspected to be Sun’s has purportedly acquired 127,388 ETH, amounting to $405.19 million.
Notably, this wallet deposited a significant sum of 787 million USDT to Binance on the Tron network starting March 31. Additionally, on the same date, a mysterious wallet emerged on the Ethereum blockchain, withdrawing $96.8 million in stablecoins from Binance.
Curiously, this wallet commenced purchasing ETH from both Binance and decentralized exchanges, accumulating a total of 127,388 ETH valued at $405.19 million, with an average price of $3,172. These actions mirror those observed in a wallet previously linked to Sun, which acquired 168,369 ETH valued at $487 million between February 12 and February 24. If these wallets indeed belong to Sun, his ETH holdings would amount to a substantial 295,757 ETH, valued at $891 million, acquired at an average price of $3,014 from Binance and decentralized exchanges since February 12.
Did #JustinSun buy 127,388 $ETH($405.19M) since Apr 8?
The wallet suspected of being #JustinSun has deposited 787M $USDT to #Binance on #Tron since Mar 31.
Also on Mar 31, a mysterious wallet was created on #Ethereum and withdrew $96.8M stablecoins from #Binance.
Is this a… pic.twitter.com/OcEovodUrc— Lookonchain (@lookonchain) April 22, 2024
ETH Price Action Ahead
As of press time, the Ethereum price is trading 1.58% up at a price of $3,226 and a market cap of $387 billion. Analysis of the ETH/USD pair’s hourly charts reveals a significant breakthrough, as Ethereum breaches two interconnected downtrend lines positioned at the $3,070 and $3,150 marks.
Currently, Ethereum’s value exceeds $3,190 and maintains a position above the 100-hour Simple Moving Average, signaling a bullish outlook. Initial resistance is observed at $3,200, with notable barriers at $3,250 and $3,280. Overcoming these obstacles may propel Ethereum towards $3,350 and potentially beyond.
Conversely, failure to breach the $3,250 resistance could lead to a downtrend. In such a scenario, critical support is anticipated around $3,150. Further decline below the $3,120 level and the 100-hour SMA could escalate selling pressure, potentially driving prices toward $3,020 and even as low as $2,965.
- Trump Tariffs: Secretary Bessent Declares ‘Fantastic’ Trump–Xi Talks, Bitcoin Breaks $113,000
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
