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Tron founder Justin Sun has sold 50% of his Ethereum holdings, triggering a sharp drop in ETH prices. Crypto analysts warn of further market turbulence as Ethereum struggles to maintain critical support levels.
Justin Sun Sparks Selloff Concerns With Massive Ethereum Sales
Since the coin's ascent restarted following Donald Trump's presidential victory, Justin Sun has been selling a ton of Ethereum. Last week, Ethereum's price dropped more than 15% during the crypto market crisis as the founder of Tron sold $143 million worth of ETH, continuing this trend.
Justin Sun reportedly cashed out 39,999 ETH, or $143 million, from the liquid staking platforms EtherFi and Lido Finance, according to blockchain analytics company Spot On Chain. He then sent the full sum to HTX.
Ethereum Whale Activity Peaks as Prices Near Local Highs
Sun has sent 108,919 ETH (equivalent to $400 million) to HTX at an average price of $3,674 since November 10, coinciding with the rising trend in Ethereum price. A large number of these resources were found in close proximity to regional price maxima.
Justin Sun is presently unstaking 42,904 ETH (worth $139 million) from Lido Finance, as disclosed by Spot On Chain. The creator of Tron may transfer these funds to HTX at a later date, Coingape points out.
Ethereum Loses Key Support Amid Bearish Market Sentiment
Market mood for the largest altcoin in the world has gone negative as Ethereum price has lost its critical support of $3,500. In anticipation of a $2,800 reduction in ETH price due to a selloff by whales, crypto market analysts were pessimistic on Ethereum last week.
According to well-known market analyst IncomeSharks, Ethereum had a "low-volume weekend" after a very unpredictable week for stocks. It is not the ideal time to sell, according to the experts.
Analysts Highlight Mixed Signals for Ethereum’s Future
The On-Balance Volume (OBV) indicator, which measures the amount of money being bought and sold, stays put and moves in a channel. The market is receiving some support from recent Ethereum buyers who are still making a profit. Ethereum might potentially fall below $3,000, as seen in the chart below.
Notable cryptocurrency analyst "I am Crypto Wolf" hinted about a positive outlook and a possible iHS pattern. The expert claims that the "right shoulder" of the iHS continuation pattern is currently being formed by the Ethereum price chart.
In May, we hope to have broken through the $4,000 resistance, and this configuration could provide us the push we need. Although a retest of the $3,000 barrier is still possible before the rally takes off, he did mention that a breakout is expected before the end of January.
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