Justin Sun, the founder of Tron, recently transferred 29,153 ETH and unstowed 96,580 ETH as the price of ETH continues to decline to $2,800.
Justin Sun, the founder of Tron, has continued to transfer an additional 29,153 ETH to the crypto exchange HTX as part of his Ethereum exchange deposits. This is one of the numerous deposits Sun has conducted this year, raising concerns about the potential for cell-off. Analysts anticipate that the price of ETH will reach $2,800 as it continues to experience selling pressure and declines by an additional 2% as it approaches $3,300.
Justin Sun deposits $96.7 million in Ethereum to HTX
In the past 11 hours, Justin Sun, the founder of Tron, has made substantial deposits to the crypto exchange HTX, transferring an additional 29,153 ETH valued at $96.7 million, according to data from Spot On Chain. Since November 10, the Tron founder has deposited a total of 227,000 ETH, valued at approximately $807 million, to HTX at an average price of $3,556 per ETH, according to on-chain data. Sun acquired most of these holdings in 2024 at a cost basis of approximately $3,036 per ETH.
Furthermore, Justin Sun has initiated the unstaking of 96,580 ETH (equivalent to $322.7 million) from platforms like EtherFi and Lido Finance. Analysts contend that these assets will likely be used for additional deposits to HTX, which suggests that the crypto magnate continues to manage liquidity and engage in activity.
The recent Ethereum movement by the founder of Tron has raised concerns about a potential major sell-off. However, Sun has refuted these rumors, stating that it is a standard aspect of Ethereum wallet transfers. Intriguingly, Sun’s ETH movement is concurrent with the decrease in the price of ETH.
What is the future trajectory of the Ethereum price?
Ethereum and the broader crypto market have experienced some selling pressure as we bid farewell to 2024. ETH bulls have been unable to surpass the price above the critical resistance of $3,500, which has paved the way for a decline in the price of ETH below $3,000. This decline is expected to continue until the next support level of $2,800. Ethereum may exhibit an inverse head-and-shoulders pattern, as illustrated in the chart below. This pattern indicates that Ethereum will initially seek support at $2,800 before reversing course.
Popular analyst Charting Guy anticipates that the ETH price will surge to $7,080 by April 2025 in response to the most recent action from Justin Sun’s exchange. Therefore, the first quarter of 2025 could catalyze a substantial Ethereum rally. Crypto Rover, a prominent cryptocurrency analyst, anticipates that the Ethereum rally will commence on January 1, 2025, which coincides with the peak of Bitcoin’s dominance, as indicated by historical trends.
Ethereum’s market capitalization is $402 billion, and its current price is $3,340, representing a 1.38% decline as of press time. The 24-hour liquidations have increased to $38.3 million, with $27.52 million in long liquidations, according to the Coinglass data.
