Justin Sun’s $143M ETH Transfer: Potential Effects on Ethereum

• Justin Sun has redeemed 39,999 ETH from Lido Finance and Etherfi. 
• The $143 million worth of ETH was transferred to HTX crypto exchange.
• Since November 10th, Sun has offloaded 108,919 ETH.

Justin Sun, the founder of the Tron blockchain, has moved his Ether (ETH) holdings from various platforms to crypto exchange HTX (formerly Huobi). Sun serves as an advisor to the exchange. In the last seven days, Sun withdrew 39,999 ETH (worth around $143 million) from staking protocols Lido Finance and Etherfi and moved all of it to HTX.

As Sun shared in a post on X (formerly Twitter), since November 10, when the price of ETH rose substantially, Sun has sold a massive 108,919 ETH (worth approximately $400 million) to HTX at an average price of $3,674 per coin. These transfers took place near local peaks, suggesting that Sun profited on his investments.

Ever since Ethereum began its upward trend, Sun has sold a portion of his ETH holdings. Currently, the crypto entrepreneur has a sizeable 42,904 ETH (valued at $139 million) being removed from Lido Finance, which might be sent to HTX in the near future.

According to CoinMarketCap data, Ethereum has fallen below the $3,300 price level, dropping 1.61% in the past 24 hours and 17.28% in the last 30 days. The digital asset is down 32.77% from its all-time high of $4,891.70 reached in November 2021 and has a market capitalization of $396.21 billion.

Justin Sun ETH Transfers: Potential Price Drop to $3,000?

Looking at the Relative Strength Index (RSI) below, the bears have control of the ETH price action, and the gradient of the line hints at sideways movement. Still, if bulls fail to gain momentum, ETH could drop to $3,000.

The MACD indicator showed a bearish divergence a few days earlier. Now, the signal line (red) moves further from the MACD line (blue), while the intensity of the MACD histogram remains high.