Tron (TRX) founder Justin Sun has finally addressed the swirling rumors regarding his alleged Ethereum (ETH) liquidation. In a post on X, Sun outright denied these claims, stating that he did not sell any of his Ethereum holdings. This response comes on the heels of some significant on-chain data revealing large deposits to HTX over the past month, prompting speculation about his trading activities.
Sun refutes the liquidation claims, insisting that the chatter about him dumping his Ethereum was unfounded. Such rumors ignited when observers noticed notable transfers between wallets linked to Sun and his projects. The community understandably panicked, as major sales like these could shake market sentiment and potentially trigger a price decline—something that many investors dread.
Recently, Ethereum’s price has shown volatility, dropping from the $4,000 mark it boasted during the current market rally. It fell to $3,127 at one point, causing anxiety among investors over the possibility of slipping below the crucial $3,000 support level. Thankfully, the altcoin has made a comeback, rising to $3,458 before experiencing some corrections. As it stands, Ethereum is trading at $3,391.20, reflecting a 1.73% increase over the last 24 hours.
In light of the rumors, Sun clarified that the recent transactions were simply inter-wallet movements, not liquidations, and reaffirmed his optimistic view on the Ethereum ecosystem. His tweet emphasized, “The rumors circulating online about us liquidating ETH are false. This is simply a transfer of ETH between our different wallets. We remain long-term bullish on the Ethereum ecosystem.”
This reassurance from Sun seems to have calmed the market’s nerves, especially as some have linked recent price fluctuations to uncertainty in various market factions. Analysts remain optimistic, suggesting that Ethereum has potentially found a bottom, priming it for a strong rally ahead. They point to the ETH/BTC pair as a significant signal of an impending market upswing.
Yet, they caution that for Ethereum to revisit the $4,000 territory, it must first break through the $3,540 resistance level. In fact, experts from CryptoQuant are even forecasting a potential rise of Ethereum to $5,000.
With these updates, investors are left hopeful yet cautious, hanging on to Sun’s words as a potential stabilizer in an unpredictable market.
