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Justin Sun Withdraws $209 Million in Ethereum: What’s Next for ETH Markets?
In a shocking move, Tron founder and CEO Justin Sun has withdrawn over 52,000 ETH, valued at a staggering $209 million, from Lido Finance. This massive withdrawal has raised concerns about potential short-term price pressure on the Ethereum market.
As the market watches Sun’s actions closely, Ethereum’s recent performance has been nothing short of impressive. Despite the recent withdrawals, the cryptocurrency has posted a respectable 71.5% increase in value since the beginning of 2024. However, it is important to note that Bitcoin has outpaced it, rising by an astonishing 142%.
Despite these concerns, Ethereum’s technical charts present a more optimistic outlook for investors. Analysts have pointed to the recent formation of a “Golden Cross” on the weekly chart as a sign of potential upward momentum. Additionally, the EMA50 trend line has supported Ethereum’s price from below, suggesting continued upward movement.
As analysts set a resistance level of $3,845 with a potential rally towards $4,000 if this level is breached, investors are left wondering what’s next for ETH markets.
Source: http://www.crypto-news.net
