Justin Sun Denies Ethereum Selloff Claims As ETH Price Eyes $4,000 Rally

Tron founder Justin Sun has denied reports of him selling Ethereum as on-chain data shows significant deposits to HTX over the last month. In his latest message, Sun said that all rumors of him offloading his ETH holdings are false. The announcement comes as the ETH price has bounced back 2% over $3,400 showing signs of bottom formation and further rally ahead.

Justin Sun Denies Ethereum Selloff From Holdings

Amid massive Ethereum movement from Justin Sun’s wallet, along with his redemptions of ETH from liquid staking platform, Lido Finance and EtherFi, and further deposits to crypto exchange HTX, there have been rumors of his selling his holdings. But the Tron founder has cleared the air finally.

Sun clarified that the recent activity involving ETH was merely a transfer between different wallets, not a liquidation. He reaffirmed his long-term bullish stance on the Ethereum ecosystem. The Tron founder wrote:

“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”.

Since November 10, as ETH price surged following Donald Trump’s victory, Justin Sun has deposited a total of 108,919 ETH, valued at $400 million, into HTX, with an average price of $3,674 per ETH. Many of these deposits were made close to local price peaks.

ETH Price Bounce Back Eyeing Rally to $4,000

Ethereum price has witnessed a good bounce back surging 2% and moving back above $3,400 today. Comparing it to the 2020 price action, analysts predict that the ETH price is already showing signs of bottom formation and a strong rally ahead citing the ETH/BTC pair.

$ETH/BTC Bottom: 2020 vs 2024

Is this the Higher Low we all so desperately need? 👀 pic.twitter.com/CawTSaj6EQ

— CryptoBullet (@CryptoBullet1) December 23, 2024

With Bitcoin price falling further to the December lows of $92,403 earlier today, Ethereum is showing good signs of reversal ahead. As a result, the ETH/BTC pair has got a good pump from the bottom formation.

Popular crypto analyst Javon Marks noted that the Ethereum price chart is showing an ‘Adam & Eve Double Bottom Pattern,’ suggesting a potential major bullish reversal in the near term, which could drive prices back into the $4,000 range. The primary target for the next move is still above $4,800.

However, for $4,000 rally to happen, Ethereum first needs to smash past the resistance of $3,542 to confirm the start of the Ethereum Christmas rally to $5K. With Justin Sun selloff concerns behind us, the sentiment can turn bullish once again.

Crypto analyst Ali Martinez has highlighted the critical support level for Ethereum ($ETH) between $3,030 and $3,130, while the key resistance zone lies between $3,640 and $3,740. Martinez noted that a sustained close outside this range could determine the next direction for Ethereum’s price trend.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.