- Sun has accumulated 362,751 ETH since February 2024, indicating strong, continued investment in Ethereum.
- Technical analysis shows Ethereum above 200 EMA, hinting at bullish trend if price holds above $3,135.
TRON founder Justin Sun recently acquired 1,614 Ethereum (ETH), valued at approximately $5 million, as the approval of a spot Ethereum ETF draws near.
12 hours ago, Justin Sun (@justinsuntron) allegedly spent 5M $USDT to buy 1,614 $ETH at ~$3,097.
Since Feb 8, Justin Sun might have bought 362,751 $ETH (est. cost: $1.11B) at ~$3,047 via 3 wallets (more details in previous posts 👇).
Note that he also deposited 45M $USDT to… https://t.co/xeW1usR3MJ pic.twitter.com/aJ4zhXFas2
— Spot On Chain (@spotonchain) July 11, 2024
This reflects a broader trend of anticipation within the market, where Ethereum’s price appears to be climbing towards the $3,300 mark due to heightened investor interest.
On July 11th, Sun’s purchase was highlighted by an on-chain analytics firm, stating that these ETH were bought at an average price of about $3,097.
Furthermore, Sun has been active in the market since February 2024, purchasing a total of 362,751 ETH valued at $1.11 billion through three wallets. He also deposited $45 million in USDT to Binance, suggesting further potential market actions.
Golem(@golemproject) appears to have stopped selling $ETH, and he staked 40,000 $ETH($124.6M) 8 hours ago.https://t.co/JLwB4bmBtQ pic.twitter.com/HzizTZ01YG
— Lookonchain (@lookonchain) July 11, 2024
In related developments, a cryptocurrency investor known as Golem has halted their sales of ETH and staked 40,000 ETH. This staking indicates a shift in strategy towards holding rather than selling, possibly predicting a bullish market turn for Ethereum.
Technical Analysis supports this Optimistic outlook for Ethereum
ETH recently showed a bullish double-bottom pattern in its price chart, suggesting potential growth if it maintains its current trajectory above the $3,135 level. Additionally, Ethereum’s movement above the 200 Exponential Moving Average (EMA) on daily charts further confirms the positive trend.
ETHNews market analysts, including Bloomberg’s ETF expert Eric Balchunas, speculate that the U.S. Securities and Exchange Commission (SEC) might approve the Ethereum ETF by July 18th, 2024. This approval could significantly impact Ethereum’s market position, attracting more institutional investments.
We don't have a new over/under launch date yet because we haven't heard what the SEC's game plan is. Hope to hear soon. But if you forced me gun to head style to give my best guess for date I'd go with July 18th.
— Eric Balchunas (@EricBalchunas) July 8, 2024
Despite these ETHNews positive indicators, the current open interest in Ethereum has shown a slight decline, suggesting some hesitancy among investors.
Moreover, the market remains cautious, with potential for liquidations depending on Ethereum’s ability to hold or surpass the $3,300 level.
Currently, Ethereum trades near $3,115, with a minor increase observed over the last 24 hours.
