With the latest developments, Justin Sun, one of the leading names in the crypto world, has a significant amount of money. Ethereum Questions have been raised about whether he purchased (ETH). If true, this could help ETH price rise to $3,500 and above.
Justin Sun Wallet Shows Strong Ethereum Uptake
On-chain data provider Lookonchain is highlighting intriguing activity on whale wallets suspected to be associated with Sun. Since April 8, a wallet suspected to belong to Sun has allegedly purchased 127,388 ETH, amounting to $405.19 million.
Notably, this wallet deposited a significant amount of 787 million USDT to Binance on the Tron network as of March 31. In addition, on the same date, a mysterious wallet appeared on the Ethereum blockchain and withdrew 96.8 million USD worth of stablecoins from Binance.
Interestingly, this wallet began purchasing ETH from both Binance and decentralized exchanges, accumulating a total of 127,388 ETH worth $405.19 million with an average price of $3,172. These actions mirror those previously observed at a wallet linked to Sun, which purchased 168,369 ETH worth $487 million between February 12 and February 24. If these wallets truly belong to Sun, he has accumulated 295,757 ETH worth $891 million since February 12 from Binance and decentralized exchanges at an average price of $3,014. will be.
did #JustinSun buy 127,388 $ETH($405.19M) since Apr 8?
The wallet suspected of being #JustinSun has deposited 787M $USDT to #Binance front #Tron since Mar 31.
NEWS CONTINUES BELOWAlso on Mar 31, a mysterious wallet was created on #Ethereum and withdrew $96.8M stablecoins from #Binance.
Is this a… pic.twitter.com/OcEovodUrc— Lookonchain (@lookonchain) April 22, 2024
ETH Price Movement Ahead
At the time of writing, Ethereum price is trading at $3,226, up 1.58%, with a market cap of $387 billion. Analysis of the hourly charts of the ETH/USD pair reveals a significant breakout as Ethereum breached two connecting bearish trend lines positioned near the $3,070 and $3,150 marks.
Currently, Ethereum’s value exceeds $3,190 and it is maintaining a position above the 100 hourly Simple Moving Average, indicating a bullish outlook. While initial resistance is seen at $3,200, there are significant hurdles at $3,250 and $3,280. Overcoming these hurdles could push Ethereum to $3,350 and potentially beyond.
Conversely, a failure to surpass the $3,250 resistance could lead to a downtrend. In such a scenario, the critical support is expected to be around $3,150. A break below the $3,120 level and the 100 hourly SMA could increase selling pressure and push prices down to $3,020 and even $2,965.
