Justin Sun Affirms Commitment to Ethereum Holdings Amid Market Slump
Tron founder Justin Sun has reaffirmed his commitment to holding his Ethereum holdings despite a 20% price drop over the past month. He stated there are no plans to sell and emphasized ongoing collaboration with Ethereum developers.
- Sun personally holds approximately 665,000 ETH, valued under $1 billion.
- This is a decline from its peak value of $2.5 billion.
- Ethereum's daily active addresses have declined over 11% year-on-year, averaging around 450,000.
- Gas fees on the Ethereum network have dropped to their lowest since 2020, averaging $0.168 per transaction.
Market Sentiment
While occasional spikes in active addresses have occurred, consistent user interaction shows a downward trend. Ethereum is currently experiencing a bearish chart pattern, indicating potential price movement toward $975 if it breaks below the current level of $1575.
Conversely, a bullish scenario could push ETH above resistance levels near $2200-$2400, depending on increased buying volume. Current indicators show sellers dominate the market, with an RSI reading of 36.31 and a Balance of Power at -0.49.
Ethereum Price Chart | Source: TradingView