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TRON founder Justin Sun continues to deposit funds on Ethereum exchanges, having recently transferred another 29,153 ETH to the crypto exchange HTX. This is one of several deposits made by Justin Sun this year, raising concerns about ETH. ETH price continues to face selling pressure, falling another 2% to around $3,300, with analysts forecasting it to reach $2,800.
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Justin Sun deposits $96.7 million worth of Ethereum to HTX
According to Spot On Chain data, TRON founder Justin Sun has deposited a large amount of funds to the crypto exchange HTX over the past 11 hours, transferring 29,153 ETH worth $96.7 million. On-chain data shows that since November 10, the TRON founder has deposited a total of 227,000 ETH, worth about $807 million, to HTX, at an average price of $3,556 per ETH. Sun acquired most of these assets at a cost basis of around $3,036 per ETH in early 2024.
Additionally, Sun has initiated a redemption of 96,580 ETH (worth $322.7 million) from platforms like Lido Finance and EtherFi. Analysts believe these assets are likely to be further deposited into HTX, indicating that the crypto mogul is continuing his activities and liquidity management.
The TRON founder's recent Ethereum moves have raised concerns about a large-scale sell-off, but Sun has denied these rumors, stating that this is a regular part of Ethereum wallet transfers. Interestingly, Sun's ETH moves coincide with the decline in ETH price.
Where will ETH price go next?
As we bid farewell to 2024, Ethereum and the broader crypto market have experienced some selling pressure. ETH bulls failed to break the key resistance at $3,500, opening the door for ETH to break below $3,000 and reach the next support at $2,800. As shown in the chart below, Ethereum may be forming a head and shoulders pattern, where it will reverse course before the $2,800 support level.
With the latest moves by Justin Sun's exchange, renowned analyst Charting Guy expects ETH price to rise to $7,080 by April 2025. Therefore, a significant upswing in Ethereum may begin in the first quarter of 2025. The famous crypto analyst Crypto Rover predicts that Ethereum's rally will start from January 1, 2025, as historical trends suggest Bitcoin's dominance will peak.
At the time of writing, Ethereum price is down 1.38% to $3,340, with a market cap of $402 billion. According to Coinglass data, the 24-hour liquidation volume has surged to $38.3 million, with long liquidations accounting for $27.52 million.
