The deadline for the SEC’s decision on the spot Ethereum ETF is approaching. We are witnessing active days in the crypto world with the expectation that a decision will be made as early as May 23. Leading industry analysts increased the excitement by increasing the approval probability from 25% to 75%. This optimistic outlook increased the ETH price by more than 20% in just one day. However, Macro Guru Raoul Pal expects more for Ethereum. On the other hand, Tron inventor Justin Sun, a crypto whale, is betting big on ETH.
Epic Ethereum (ETH) prediction from Raoul Pal!
cryptokoin.comAs you follow from , Ethereum ETF sets the market agenda. With the increased probability of approval in a short time, ETH literally exploded. On the other hand, everything may be just beginning for Ethereum. Leading cryptocurrency expert Raoul Pal weighed in on the potential of this development. He highlighted a scenario where massive demand for the ETF, combined with 30% of Ethereum being staked and ongoing burning processes making supply extremely negative, could create what he described as a “banana zone square.” This term refers to a period of exponential growth and market instability.
According to Raoul Pal, if these conditions come true, Ethereum could see unprecedented price increases. Pal suggests that this scenario is already happening. He also predicts that once ETH reaches its all-time high, NFTs will experience a massive boom. Ethereum recorded an all-time high of $4,868 on November 8, 2021. That’s why Pal’s prediction is particularly striking. The price of ETH is currently less than 29% away from this ATH. However, the stage appears set for significant market activity.
Tron inventor Justin Sun is betting big on ETH!
Tron founder Justin Sun has amassed a significant stake in ETH worth approximately $2.45 billion. Thus, Sun emerged as a major holder of Ethereum. This large portfolio, totaling 665,000 ETH, represents one of the largest holdings in the cryptocurrency industry. Sun’s recent buying spree, which lasted from late 2023 to April 2024, sparked widespread debate within the crypto community regarding its potential impact on the market.
Sun’s acquisition strategy involved a series of transactions across different platforms. Specifically, he received 390,000 ETH at an average price of $2,984 per ETH. From December 26, 2023 to January 5, 2024, Sun purchased 17,883 ETH, primarily through centralized exchanges, at an average price of $2,262 each. Then, between February 8-25, he purchased 173,863 Ethereum for $525.24 million at an average price of $2,869, using a combination of on-chain transactions and withdrawals from address 0x7a9…095.
Sun’s activities intensified in April by withdrawing more funds from Binance. Bought 176,117 ETH at an average price of $3,138. He then followed this up by purchasing 22,316 ETH between April 27-29 at an average price of $3,244. Sun’s holdings take a strategic approach. While they hold 247,000 ETH in their wallets, they actively stake the remaining 417,000 ETH on various platforms. This staking activity reflects Sun’s confidence in Ethereum’s long-term potential.
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