Tron founder Justin Sun has capitalized on Ethereum’s recent rally by offloading significant portions of his holdings, netting an estimated $69.36 million in profits. His actions come amid a 29% surge in Ethereum’s price, which recently touched the $3,200 mark, pushing its market capitalization near $400 billion. Analysts are now keeping a close eye on whether Ethereum can break past resistance levels or if the rally is set to stall.
In a major transaction, Sun deposited 19,000 ETH, valued at around $60.83 million, to the crypto exchange HTX, at a price of $3,202. This move forms part of a broader offloading strategy. Between February and August of this year, Sun had acquired 392,474 ETH, with an average purchase price of $3,027 per coin. Despite the recent sale, this is a small fraction of his total holdings, which remain substantial.
Meanwhile, other dormant Ethereum whales have reactivated their wallets. A notable participant from Ethereum’s initial coin offering (ICO), who had remained inactive for almost three years, recently transferred 1,555 ETH—worth about $5 million—to Coinbase. This comes as Ethereum whales, including one holding 398,891 ETH, have been gradually selling off portions of their holdings to capitalize on the current price surge. As of November 7, this whale sold 46,853 ETH for $138.8 million.
While large investors continue to hold the majority of their Ethereum positions, there’s a growing sense of cautious optimism in the market. With the price nearing $3,200, many expect Ethereum to face some resistance in this range. Crypto market analyst Michael van de Poppe suggests that Ethereum might encounter hurdles around this level, but forecasts the ecosystem will continue to perform well in the coming months.
Additionally, the Ethereum market is seeing renewed interest, particularly in spot Ethereum ETFs, driven by the pro-crypto stance of President-elect Donald Trump. This resurgence in demand could support Ethereum’s price growth and potentially push it toward new all-time highs. However, analysts note that it would take a 60% surge for Ethereum to set fresh records.
As the market remains volatile, investors are watching closely to see whether Ethereum can maintain its bullish momentum or if the current rally will face resistance in the near term.
Related topics:
Coinbase CEO Brian Armstrong Highlights Pro-Crypto Wins in U.S. Election
Polymarket Faces French Ban After Massive Bets on US Election Results
BlackRock Bitcoin ETF Surpasses Berkshire, Visa in Trading Volume After Trump’s Win
