In recent developments, Justin Sun has strongly refuted rumors suggesting a selloff of Ethereum (ETH). He emphasized that the stir is merely linked to wallet transfers rather than any intent to liquidate his holdings. As a result, the ETH price is poised to rally towards the $4,000 mark, having already gained 3% today.
The media chatter surrounding a potential selloff stemmed from significant Ethereum movements from Sun’s wallet, including liquidations from Lido Finance and EtherFi, along with substantial deposits to HTX. Sun took to social media to clarify, stating that the claims of selling are completely unfounded. “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”, he asserted.
Since early November, following a notable price surge attributed to Donald Trump’s victory, Sun has contributed a staggering 108,919 ETH, approximately valued at $400 million, to HTX. This adds up to an average purchase price of $3,674 per ETH, with many deposits timed around local price peaks.
As for the Ethereum price, it has rebounded nicely, climbing above $3,400 today. Comparisons to the 2020 price action reveal promising signs of a bottom formation, and analysts are optimistic about the future trajectory of ETH. The ETH/BTC pair appears to have bottomed out, hinting at Ethereum’s potential outperformance over Bitcoin in upcoming months.
Crypto analyst Javon Marks has identified a bullish pattern on the Ethereum price chart, referring to it as an “Adam & Eve Double Bottom Pattern.” This suggests that a major bullish reversal could propel prices back into the vicinity of $4,000, with aspirations to surpass $4,800 soon thereafter.
Before this anticipated rally can take flight, however, ETH needs to breach the resistance level of $3,542 to confirm the start of what could be an exciting Ethereum Christmas rally aimed at hitting $5K. With the concerns about a selloff by Justin Sun dissipating, market sentiment may very well shift back to a positive outlook.
Additionally, crypto analyst Ali Martinez has identified crucial support levels for Ethereum ranging between $3,030 and $3,130, with key resistance found between $3,640 and $3,740. A sustained price movement beyond these thresholds could dictate the future path for Ethereum’s price trends.
With the clouds of uncertainty lifting and the potential for a significant price surge on the horizon, investors are keenly watching Ethereum’s movements to see where this digital asset heads next.
