Crypto Billionaire Justin Sun Accumulates More Ethereum (ETH) in Anticipation of Spot ETF Approval

Ethereum (ETH) price has been struggling lately, but crypto billionaire Justin Sun, the founder of the Tron blockchain, seems to be bullish on its future. According to on-chain analytics, Sun recently purchased a significant amount of ETH, totaling $16.07 million worth at the time of purchase. This follows his previous acquisition of over $1.1 billion worth of ETH last year.

Sun’s latest move coincides with growing speculation about the launch of a spot Ethereum ETF (Exchange Traded Fund) in early July. The approval by the Securities and Exchange Commission (SEC) is anticipated on July 2nd. This news has boosted investor confidence in Ethereum, as a spot ETF would make it easier for institutional investors to invest in the cryptocurrency.

Further supporting the ETF approval is the recent closure of the SEC’s investigation into Ethereum 2.0. This suggests that the SEC may be leaning towards classifying Ether, Ethereum’s native token, as a commodity rather than a security.

Ethereum Price Analysis

Despite the positive news, Ethereum’s price is currently facing resistance around $3,450. If it can break above this level, it could see further gains towards $3,650 or even $3,720. However, if it fails to overcome this hurdle, it could experience another decline towards $3,240 or even lower.