Justin Sun sells $143 million worth of Ethereum as the cryptocurrency faces a downturn. His large-scale liquidation highlights the growing influence of significant figures in Crypto markets. Tron (TRX) creator Justin Sun sold $143 million in Ethereum, gaining cryptocurrency interest. Since being rejected at $4,000, Ethereum’s price has declined approximately 17%.
Sun’s huge ETH sale raised issues regarding the impact of Crypto numbers on the market and cost. After being rejected at $4,000, Tron inventor Justin Sun sold several Ethereum assets, causing the cryptocurrency price to drop 17%. Sun liquidated 50% of his $143 million stocks in seven days. Market experts expect ETH to sink below $3,000 again before rebounding.
Tron’s Sun Sells Ethereum
Since Ethereum started to rise again following Donald Trump’s presidential victory, Justin Sun has gone on a big selling binge. This persisted until last week when the inventor of Tron sold out $143 million worth of Ethereum, which caused the cryptocurrency price to plummet by more than 15% amid the market meltdown.
He then put the entire sum into HTX. Sun has deposited 108,919 Ethereum (worth $400 million) to HTX at an average price of $3,674 since November 10 as Ethereum has been rising. Interestingly, many of these deposits happened close to local price peaks. Justin Sun has 42,904 ETH (valued at $139 million) in unstaking from Lido Finance. The Tron founder might potentially send these funds to HTX later.
Ethereum Price Slide Forecast
Ethereum’s price slide below $3,500 has made the market apprehensive about the world’s largest cryptocurrency. Last week, cryptocurrency analysts predicted a $2,800 drop in Ethereum price owing to a whale selloff. Equity markets had a rough week. Experts say selling won’t be a good time. On-Balance-Volume (OBV) oscillates steadily inside a channel to measure buying and selling pressure. Recent Eprofitable Ethereum purchasers are helping the market. However, the graph below suggests Ethereum may fall to $3k.
The expert claims that the Ethereum price chart creates the iHS continuation pattern’s “right shoulder.” By May, this configuration may give the market the impetus to break over the $4k barrier and pursue $10k. Although a retest of the $3k barrier is still possible before the rally takes off, he said a breakthrough is expected before the end of January.
Sun Sells $143 Million ETH
According to blockchain analytics, Justin Sun sold a massive 39,999 ETH, valued at $143 million, through liquid staking platforms like Lido Finance and EtherFi. Following the sale, Sun transferred the Ethereum funds to HTX. This sequence of transactions has increased pressure on Ethereum’s price, which just plummeted below critical support levels. As Ethereum struggles to sustain its value, Sun’s large-scale selloff has raised worries about the cryptocurrency’s market stability.
ETH Faces Price Drop
The Ethereum market has been exhibiting indications of weakness, and traders’ and investors’ worries were only heightened by Justin Sun’s Ethereum sell. Market analysts are now suggesting that Ethereum’s price may continue to drop, maybe even below $3,000, after it fell below critical support levels. The timing of Sun’s liquidation and more general market difficulties point to a short-term tumultuous time for ETH.
Also Read: TRON’s USDT Milestone $587.2B and Blockchain Impact
In Summary
The $143 million in Ethereum that Justin Sun sold reminds me of the power prominent people wield in the cryptocurrency market. Sun’s activities add to the continuing market research and conversation about Ethereum’s future as the cryptocurrency’s price fluctuates. Meta Description: As the cost of Ethereum drops, Justin Sun sells $143 million worth of the cryptocurrency. Concerns over Ethereum’s market stability and possible price swings have increased due to his action.
