- Justin Sun refuted rumors of Ethereum liquidation, explaining recent wallet transfers were internal and not sales.
- ETH faced significant price swings, dropping from $4,000 to $3,127, sparking concerns of a potential dip below $3,000.
- Experts foresee a bullish turn for Ethereum, with key resistance at $3,540 critical for a potential climb to $4,000 and beyond.
Justin Sun, the founder of Tron (TRX), has denied allegations suggesting that he sold significant amounts of Ethereum (ETH). These rumors emerged following observations of substantial ETH transfers to wallets associated with HTX (formerly Huobi) over the past month.
In an X post addressing the speculation, Sun clarified that the transactions were inter-wallet movements rather than sales. “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,” Sun stated. His message aims to reassure market participants concerned about potential impacts on ETH prices.
Market analysts had linked these wallet activities to the sharp ETH price volatility observed recently, heightening fears of further downturns. The crypto market closely monitors such transactions, as significant sell-offs can influence investor sentiment and trigger price declines.
Ethereum’s Price Performance Amid Market Turbulence
The Ethereum price has fluctuated in the past week, amplifying the worries of the investors. The altcoin was hovering at the $4,000 level in the current bull run and has since fallen to $3,127. This brought worry into the Ethereum market as it might break the crucial $3,000 marker on the charting indicators. However, ETH rose back to $3,458 before it started stabilizing. Currently, Ethereum is priced at 3,391.20 USD signifying a 1.73% gain in the last twenty-four hours.
The rest of the market has also remained very volatile with some analysts attributing some of the ethereum price swing to unfounded rumors. The major activities of Sun involving its associated wallets have concerned the market, especially with regard to market sentiments of most coins.
Current Bitcoin ‘volatility may indicate an Ethereum rally
However, according to experts, Ethereum has a great future in future, and fluctuations in particular key factors suggest a rally. They argue that the ETH/BTC trading pair shows some bullish formation which indicates a turning point. Some of them think that Ethereum is in the process of building this price bottom which may accompany the beginning of an upswing.
If Ethereum is to repeat a visit to the $4,000 price mark, it is significant to break the $3,540 resistance range. There are some analyses pointing to different higher variants of it, including $5,000 in the longer run, all things being favorable to bulls.
Sun’s clarification of the market feelings towards wallet transactions has been soothed while Ethereum prices are a center of attraction. Thus, the market expects more changes for the cryptocurrency. Investors pay attention to such important levels as resistance levels and fundamental factors that may affect the crypto’s position.
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