Tron’s founder, Justin Sun, sold half of his Ethereum (ETH) assets and made a transaction worth approximately $143 million. Following this sell-off, the price of Ethereum dropped by 17 percent. The sell-off came after Ethereum failed to surpass the $4,000 level.
Sun’s Investment Strategy and Sales Impact
Blockchain analysis firm Spot On Chain reported that Justin Sun withdrew approximately 39,999 ETH from Lido Finance and EtherFi platforms in the last seven days. This amount was later deposited into the HTX exchange. It was revealed that Sun transferred a total of 108,919 ETH to HTX as of November 10. Analysis shows that transactions generally occur around Ethereum’s local price peaks.
Sun has 42,904 ETH unstake through Lido Finance. Analysts are evaluating the possibility of these assets being transferred to HTX in the future. This creates investors’ expectations for additional sales pressure. Ethereum price is currently at a critical level. ETH losing support below $3,500 increases the risk of further declines in the price.
Fall Expectations in the ETH Market
There has been a negative atmosphere in the Ethereum market lately. Selling by major investors strengthens the possibility of the price falling below $3,000. Crypto analyst IncomeSharks warned investors, saying, “This is not a good time to sell.” However, another analyst, I am Crypto Wolf, stated that an inverted head and shoulders (iHS) pattern has formed in the ETH price. He stated that this model could help ETH exceed $4,000. The analyst predicted that the price could rise as high as $10,000 in May.
The majority of Ethereum buyers are still in a profitable position. However, the selling pressure of large investors continues to have an impact on the market. Ethereum price remains at risk of declining towards the $3,000 level. The volatility of market conditions forces investors to be careful.
Justin Sun’s halving of ETH assets and the effects of these sales on the price are among the factors that will determine the future course of the Ethereum market.
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.
