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Justin Sun Breaks Silence on Alleged Ethereum Liquidation
Yesterday, Justin Sun, the founder of Tron and a prominent figure in the cryptocurrency community, took to Twitter to reassure investors and traders about the future of the Ethereum ecosystem. In his tweet, he stated, “We remain long-term bullish on the Ethereum ecosystem.”
The tweet comes at a time when the market is still reeling from recent price volatility. Many have attributed this uncertainty to a lack of clear direction in some quarters of the market.
However, Sun’s statement has helped to calm nerves and alleviate fears about the potential liquidation of Ethereum. Experts predict that Ethereum’s key metrics are indicating a bottom formation, paving the way for a strong rally ahead.
As previously reported by U.Today, crypto analysts have suggested that Ethereum’s price movement is not indicative of a bear market but rather a correction phase. This is because some fundamental metrics, such as the ETH/BTC pair and other indicators, do not align with this narrative.
The experts also emphasized that for Ethereum to retest the $4,000 price mark, it must first breach the $3,540 resistance level.
In related news, CryptoQuant has forecasted a potential climb of Ethereum’s price to $5,000.
Source: u.today
