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

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.