Ethereum

Spot

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/justin-sun-transfers-large-amounts-of-ethereum-impacting-market-dynamics/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Justin Sun Transfers Large Amounts of Ethereum, Impacting Market Dynamics</a><br></p>
<p style="text-align: justify">The price of Ethereum (ETH) has surpassed the critical threshold of $3,920. During this upswing, Justin Sun, the founder of <a href="https://en.coin-turk.com/will-the-rise-of-trx-coin-continue-trx-price-prediction-for-october/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Tron</a>, continues to sell significant amounts of ETH. Today, Sun transferred a total of 20,000 ETH (approximately $76 million) to the HTX exchange. Other large Ethereum holders have similarly increased their selling activities.</p>
<h2 id="justin-sun-s-eth-sales-and-market-impact">Justin Sun’s ETH Sales and Market Impact</h2>
<p style="text-align: justify">Since the beginning of November, Justin Sun has regularly been selling Ethereum. During this period, he transferred a total of 41,630 ETH to the HTX and Poloniex exchanges. The average purchase price of these sales is estimated to be around $3,505, suggesting a strategy to capitalize on the recent ETH price increase.</p>
<p style="text-align: justify">The price of Ethereum has risen by 5.5% in the last 24 hours, reaching $3,923. Market capitalization has increased to around $472 billion, with daily trading volume hitting $65 billion. Open positions have increased by 9.34%. However, market liquidations have reached $89 million, leading analysts to suggest that Sun and other whale sales could create short-term pressure on prices.</p>
<h2 id="ethereum-network-activity-and-etf-investments-increase">Ethereum Network Activity and ETF Investments Increase</h2>
<p style="text-align: justify">Growing network activity is drawing attention to Ethereum. Spot Ethereum ETFs are also gaining strong momentum in the market. BlackRock’s ETHA fund has received $124.5 million, while Fidelity’s FETH fund has attracted $40.7 million in investments, indicating growing confidence in Ethereum.</p>
<p style="text-align: justify">Analysts note that ETH is testing the upper boundary of a significant triangle formation. If a breakout occurs, prices could reach $4,092. Surpassing this level could make the all-time high of $4,812 a target again.</p>
<p style="text-align: justify">The increasing activity on the Ethereum network and demand for ETFs support the long-term growth potential of the <a href="https://en.coin-turk.com/not-coin-gains-significant-attention-in-the-crypto-market/" data-wpel-link="internal" rel="noopener noreferrer nofollow">altcoin</a>. However, heavy selling from Justin Sun and other whales may lead to a short-term price correction. Investors should closely monitor these developments.</p>
<p>The post <a href="https://en.coin-turk.com/justin-sun-transfers-large-amounts-of-ethereum-impacting-market-dynamics/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Justin Sun Transfers Large Amounts of Ethereum, Impacting Market Dynamics</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Justin Sun Transfers Large Amounts of Ethereum, Impacting Market Dynamics

Table of Contents

COINTURK NEWS

Other articles published on Dec 5, 2024

Bitcoin’s Rise to $100K Is Just the Beginning: Cathie Wood

Bitcoin Has Now Surpassed $100,000

Why Did Mt. Gox Shift $2.4B in Bitcoin After BTC Topped $100K?

Phantom Wallet Announces Support For SUI Network

Coinbase CEO Reacts to $100,000 Bitcoin (BTC): Details

Ripple’s RLUSD Stablecoin Prepares for Monumental Launch, XRP Price Expected to Skyrocket Followi...

Join our free newsletter for daily crypto updates!