Justin Sun Sells 50% of ETH Holdings; Ethereum Nears $3,000 Risk
Tron founder Justin Sun has made waves after selling $143 million worth of Ethereum (ETH) and people are worried about the price dropping below $3,000.
According to Spot On Chain, Sun redeemed 39,999 ETH from liquid staking platforms like Lido Finance and EtherFi and deposited the funds into HTX. This is not the first time Sun has sold Ethereum, he has sold 108,919 ETH (worth $400 million) since November 10.
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Many of Sun’s deposits were made near local highs, with an average sell price of $3,674 per ETH. And 42,904 ETH (worth $139 million) are still being unstaked from Lido Finance, so we might see more selling in the next few days.
This liquidation comes as Ethereum can’t hold the key support levels, especially $3,500. The market is bearish and people are waiting for the second largest cryptocurrency to test $3,000.
Ethereum Price Faces Bearish Sentiment Amid Whale Activity
Ethereum has dropped 17% after failing to hold above $4,000 and people are wondering if it’s stable in the short term. Popular analysts are bearish, some are even predicting $2,800.
IncomeSharks, a well known crypto analyst, said it’s a “low volume weekend” and stock market volatility. But the On-Balance Volume (OBV) indicator shows recent buyers are in profit and supporting the price of Ethereum. But the overall market sentiment is bearish and we might see more selling especially from big holders like Sun.
Key Indicators Signal Further Decline
Recent Selloffs: Over $143 million in Ethereum sold by Justin Sun last week.
Price Levels: Ethereum risks testing $3,000 amid mounting selling pressure.
Future Outlook: 42,904 ETH, worth $139 million, set for unstaking and possible liquidation.
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