Ethereum (ETH) $3,913.0 Its price exceeded the critical threshold of $3,920. During this rise, Tron founder Justin Sun continues to sell large amounts of ETH. Today, Sun transferred a total of 20,000 ETH (approximately $76 million) to the HTX exchange. Other major Ethereum whales have similarly increased their selling activity.
Justin Sun’s ETH Sales and Market Impact
Justin Sun started selling Ethereum regularly since the beginning of November. In this process, he transferred a total of 41,630 ETH to HTX and Poloniex exchanges. The average purchase price for sales is estimated at $3,505. This may be for the purpose of profiting from the recent rise in ETH price.
Ethereum price increased by 5.5% in the last 24 hours, reaching $3,923. While the market value increased to 472 billion dollars, the daily transaction volume increased to 65 billion dollars. Open positions increased by 9.34%. However, market liquidations reached $89 million. Analysts state that sales by Sun and other whales could put short-term pressure on the price.
Ali Martinez points out the growth in the Ethereum network. “Over 134,000 new addresses are created daily. “This shows continued interest in Ethereum,” he said. Ethereum price has faced resistance at $3,928 in the past. Therefore, selling by whales could determine whether the price can stay above this level.
Ethereum’s Network Activity and ETF Investments Increase
Ethereum’s network activity continues to increase investor interest. Spot Ethereum ETFs have also gained strong momentum in the market. BlackRock’s ETHA fund received an investment of $124.5 million, and Fidelity’s FETH fund received an investment of $40.7 million. These investments show that trust in Ethereum is growing stronger.
Analysts state that ETH is testing the upper limit of a major triangle formation. In case of a successful breakout, it is predicted that the price can reach $ 4,092. If this level is exceeded, the all-time high of $4,812 may become a target again.
Increased activity on the Ethereum network and demand for ETFs support the long-term growth potential of the altcoin. However, heavy selling by Justin Sun and other whales may cause a short-term price correction in the market. Investors should follow these developments closely.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
