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Title: Justin Sun Withdraws $209 Million in Ethereum: What’s Next for ETH Markets?
In a sudden move, Justin Sun, the founder of Tron blockchain, has withdrawn a staggering $209 million worth of Ethereum (ETH) from Lido Finance. This massive withdrawal has sparked concerns about potential short-term price pressure on the market.
Justin Sun’s Ethereum transactions have been under scrutiny in recent months, with the majority of his activities focused on accumulating ETH. His previous withdrawals and purchases have seen him accumulate a total of 392,474 ETH across multiple wallets, worth approximately $1.19 billion at today’s prices. Notably, his transactions have resulted in a net profit of $349 million, marking a notable 29% gain from his initial Ethereum holdings.
The recent dip in the market has raised questions about the impact of Sun’s actions on the overall ETH market. Given the magnitude of this withdrawal, it is crucial to consider its potential implications for the cryptocurrency.
Ethereum has experienced a steady rise in value since the beginning of 2024, with a 71.5% growth. This notable increase in price action raises eyebrows considering Bitcoin’s impressive 142% gain over the same period. Ethereum’s TVL (Total Value Locked) also showed an increase of $2.22 billion within just one week, while its spot ETFs saw record-high inflows.
In contrast to the gloomy outlook for some investors, technical analysts see a glimmer of hope. A recent formation of a ‘Golden Cross’ on Ethereum’s weekly chart signals potential upward momentum. Additionally, the EMA50 trend line has supported ETH’s price from below, indicating continued upward movement. Analysts have set a resistance level at $3,845 with a possibility of a rally towards $4,000 should this level be breached.
In light of these developments, investors are left wondering what lies ahead for ETH markets.
Source: http://www.crypto-news.net
