Justin Sun Transfers 29,153 Ether Worth $96.7 Million to HTX
As 2024 approaches, Ethereum is experiencing significant transactions impacting its value. On-chain data indicates that Tron founder Justin Sun moved 29,153 Ether (ETH) worth $96.7 million to crypto exchange HTX in the last 12 hours, raising concerns about potential sell-offs.
This transaction is part of a larger pattern, with Sun transferring a total of 227,000 ETH valued at approximately $807 million since November 10. His average acquisition price was $3,036 per ETH, suggesting a strategic liquidity approach, though its timing has attracted skepticism.
Additionally, Sun unstaked 96,580 ETH (approximately $322.7 million) from decentralized platforms, indicating possible future transfers to HTX. While he claims these moves are routine wallet management, market sentiment remains cautious.
According to CoinMarketCap, Ether's market cap stands at $407 billion. ETH's value has dropped by 1% over the past 24 hours, trading around $3,380, significantly below its peak of $4,878 in November 2021. The cryptocurrency has declined 9% in the past month, with analysts projecting a potential dip to $2,800 if selling pressure continues.
Major Whale Activity
During Ethereum’s price decline, a notable whale purchased 22,919 ETH worth $77.2 million, as reported by Lookonchain. This whale has an impressive 84% win rate across 25 trades since August.
The whale's previous strategic purchases have often preceded price recoveries, fostering optimism regarding Ethereum's short-term outlook. Analysts believe the whale's confidence in the $3,300 price level may indicate a potential support threshold for ETH before any rebound.
Long-term data from IntoTheBlock reveals that 75.1% of Ethereum holders have held their assets for over a year, an increase from 59% earlier this year.
What Lies Ahead for Ether?
Ethereum's efforts to surpass the $3,500 resistance level face uncertainty. Analysts suggest the formation of an inverse head-and-shoulders pattern, with the key support level at $2,800 likely influencing forthcoming movements.
Conversely, analyst Charting Guy maintains a bullish stance, predicting a rise to $7,080 by April 2025. Trader Crypto Rover anticipates a rebound starting as early as January 2025, linked to Bitcoin dominance cycles.
Spot Ether ETFs have demonstrated resilience to recent price fluctuations, experiencing outflows only three times in the past month, reflecting strong institutional demand. Since their launch in July, these ETFs have accumulated $2.62 billion.
As 2025 approaches, Ethereum's resilience will be tested, maintaining investor and institutional interest.