Justin Sun Denies Ethereum Selloff Rumors as ETH Price Eyes $4,000 Rally

Tron founder Justin Sun has denied selling his Ethereum, saying the large wallet transfers were just internal movements.

Despite on-chain data showing big deposits to HTX, Sun said no Ethereum (ETH) was liquidated. In fact the transfers were part of a bigger plan to move ETH between wallets not sell. Sun reiterated his love for the Ethereum ecosystem and his long term bullish view. Since November 10, Sun has deposited 108,919 ETH, worth $400 million, into HTX at an average price of $3,674 per ETH.

Ethereum Price Eyes $4,000 Rally

Ethereum is up 2% and back above $3,400 and forming a bottom. Analysts are pointing to this price action as a sign of a rally ahead, with comparisons to 2020 as the foundation for a big price move. ETH/BTC is showing Ethereum is outperforming, Ethereum is coming back while Bitcoin is weak. Popular crypto analyst Javon Marks has found an ‘Adam & Eve Double Bottom Pattern’ on Ethereum’s chart, which could mean a bullish reversal to $4,000 soon.

Key Resistance and Support Levels for ETH

For Ethereum to get to $4,000 it needs to break through the resistance at $3,542. If it does, analysts expect a Christmas rally to $5,000. According to crypto analyst Ali Martinez, the immediate support for Ethereum is between $3,030 and $3,130 and the resistance zone is $3,640 to $3,740.

A breakout outside this range would likely confirm the next big move for ETH. Now that the Sun’s selloff scare is over, Ethereum’s sentiment is looking bullish.

Key Insights:

  • Justin Sun clarifies Ethereum wallet transfers, denying selloff rumors.

  • ETH price rises 2%, showing bullish reversal signals and targeting $4,000.

  • Ethereum must surpass $3,542 resistance to confirm rally to $5K.

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ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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