- Justin Sun is suspected of buying $891M in ETH since Feb 12.
- ETH price rises post-Bitcoin halving, targeting key fib level.
- Technical indicators suggest strong bullish momentum for ETH.
Justin Sun, the founder of TRON, is suspected of purchasing Ethereum, totaling approximately $891 million, since February 12. Analysis by blockchain analytics firm Lookonchain indicates that two wallets, likely linked to Sun, have been involved in influential crypto transactions. These include large-scale purchases and transfers involving Ethereum and stablecoins on platforms such as Binance and decentralized exchanges (DEX).
The first wallet in question reportedly deposited 787 million USDT to Binance on the Tron network starting March 31. On the same day, a newly created Ethereum wallet began withdrawing $96.8 million in stablecoins from Binance. Shortly thereafter, this new wallet initiated purchases of Ethereum from Binance and various DEXs, accumulating a total of 127,388 ETH valued at $405.19 million.
Earlier, between February 12 and February 24, another series of transactions linked to a suspected Justin Sun wallet involved the acquisition of 168,369 ETH, worth $487 million, at an average price of $2,894 per ETH. The combined activity of these wallets suggests a coordinated strategy to buy Ethereum, totaling 295,757 ETH at an average price of approximately $3,014 per ETH.
According to Lookonchain, the transaction patterns of the two wallets show striking similarities, reinforcing the speculation that both are controlled by Justin Sun.
ETH Price Action
The ETH token has experienced a bullish trajectory following the Bitcoin halving, showing signs of reversing its previous bearish trends. As of press time, the price of ETH has risen by 1.45%, reaching $3,224.27. Correspondingly, its market capitalization has increased by 1.55%, achieving a value of $387.43 billion. Additionally, the 24-hour trading volume has seen a 3.11% increase, amounting to $10.355 billion, reflecting a surge in market optimism.
ETH/USD 4-Hour Chart (Source: CoinStats)
On the same accord, the ETHUSD pair is displaying strong bullish movements on the 4-hour chart as Ethereum targets the crucial 50% Fibonacci retracement level. This key resistance point, established a week ago, is currently in the sights of traders following a persistent bullish trend influenced by the recent Bitcoin halving.
A successful breach of this resistance could indicate a significant upward momentum for Ethereum, potentially leading to higher price targets in the near term. Conversely, failure to overcome this level might result in a reversion to the bullish trendline, which could serve as temporary support before another upward attempt.
ETH/USD 4-Hour Chart (Source: TradingView)
On the technical analysis front, the Moving Average Convergence Divergence (MACD) is ascending vertically above its signal line at a reading of 25.7, signaling strong bullish momentum for Ethereum. This is further supported by histogram bars in the green zone, indicating that market control currently rests with the bulls.
Additionally, the Relative Strength Index (RSI) is currently positioned at 61.88, suggesting that Ethereum is not yet in the overbought territory. This provides room for further price increases before the market might consider a potential pullback.
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