Justin Sun Shut Noise on Liquidating ETH Claiming ‘Its just Wallet Transfers’

Justin Sun, founder of Tron (TRX), shut out the noise of his alleged sale of substantial Ethereum (ETH) holdings. On-chain data revealing significant ETH deposits into HTX over the past month fueled speculation of a large-scale liquidation, triggering concerns about its potential impact on market sentiment and ETH’s price trajectory.

Justin Sun Nullify Transaction Claim

The initial reports, based on observed transfers between wallets associated with Sun and his affiliated projects, ignited a wave of apprehension. The timing coincided with a period of price correction for ETH, following a recent surge to nearly $4,000.

This price dip, which saw ETH briefly fall to $3,127, heightened investor anxieties, particularly given the potential for a break below the crucial $3,000 support level. While a subsequent rebound to $3,458 before further correction to $3,391.20 (representing a 1.73% increase in the last 24 hours at the time of writing) provided some respite, the initial downturn underscored the market’s sensitivity to even the suggestion of large-scale ETH divestment.

Sun, however, swiftly refuted these allegations via an X post, categorically denying any liquidation of his ETH holdings. He attributed the observed on-chain movements to routine inter-wallet transfers, emphasizing his continued bullish outlook on the Ethereum ecosystem. The direct response aimed to mitigate the negative market sentiment generated by the initial reports.

The rumors circulating online about us liquidating ETH are false. This is simply a transfer of ETH between our different wallets. We remain long-term bullish on the Ethereum ecosystem, Justin Sun says.

ETH Expected Bounce Back

Since November 10, following Donald Trump’s victory, the price of ETH surged. During this period, Justin Sun deposited a total of 108,919 ETH, worth $400 million, into HTX, with an average price of $3,674 per ETH.

Notably, the ETH/BTC trading pair has experienced a substantial upward movement, signaling a positive shift from its previous bottom formation.

Prominent crypto analyst Javon Marks has specifically highlighted the current price chart of Ethereum, identifying a formation known as the ‘Adam & Eve Double Bottom Pattern.’ This pattern is often indicative of a significant bullish reversal on the horizon.

If this analysis holds true, we could see Ethereum’s price making a climb back into the $4,000 range. In fact, our primary target for the next upward movement is set above the $4,800 mark, which would represent a substantial gain for investors and reaffirm our confidence in Ethereum’s trajectory in the near term.