- Justin Sun’s ETH withdrawals and deposits spark interest, with traders eyeing possible sell-offs amid a $366M profit and $4,000+ prices.
- Ethereum’s bullish pattern signals potential gains to $4,614, supported by a $3,500 floor and steady trading volumes maintaining market stability.
- Long-term projections for Ethereum include $5,800 and $8,000, bolstered by staking growth and strong on-chain fundamentals fueling optimism.
Justin Sun, the founder of Tron, has drawn attention with significant Ethereum transactions. On-chain data shows Sun recently withdrew 52,905 ETH, valued at $209 million, from Lido Finance. Between February and August, Sun reportedly acquired 392,474 ETH at an average price of $3,027. With Ethereum surpassing $4,000, his estimated profit now stands at $366 million, reflecting a 30% gain.
In another move, Sun deposited 29,920 ETH, worth $119.7 million, into HTX just hours after Ethereum crossed the $4,000 mark. Additionally, he transferred staking rewards totaling $1.96 million, including 322,119 EIGEN and 175,021 ETHFI, to the same exchange. These transactions have heightened trader speculation about potential sell-offs that could impact price volatility.
Ethereum Maintains Key Support Levels
Ethereum’s price continues to test critical levels, with the $3,500 support zone holding firm amid ongoing market volatility. Following a significant breakout earlier this year, Ethereum reached a resistance point near $3,926 before encountering a pullback. The retracement to a green demand zone between $3,280 and $3,542 has stabilized prices, fostering renewed confidence.
Market analysts have observed an inverse head-and-shoulders pattern, a bullish indicator pointing to potential price increases. The pattern’s neckline aligns with the $3,926 resistance level. Should Ethereum break through this threshold, it could climb toward $4,614, initiating a new bullish trend.
Bullish Patterns Fuel Optimism
Ethereum’s broader outlook remains optimistic as on-chain data and market trends point toward higher targets. A sustained rise above $4,614 may pave the way for resistance tests at $5,800 and $8,000. These projections align with Ethereum’s strengthening fundamentals, including staking growth and increased network activity.
Significantly, Ethereum’s support remains robust between $2,197 and $2,146, consistent with its ascending triangle base. Analysts note higher lows and repeated resistance tests, indicating a resilient upward trend. Furthermore, stable trading volumes underscore market confidence, with no signs of extreme behavior or anomalies.
Consequently, traders are preparing for scenarios of both upward momentum and potential pullbacks. A successful breach above $4,000 could propel Ethereum toward its ambitious targets of $10,000 by mid-year. However, the immediate focus remains on Ethereum’s ability to maintain its $3,500 support and build on its bullish trajectory.
DISCLAIMER:
The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
