Justin Sun, founder of Tron, has made another significant move in the Ethereum market. Eight hours ago, he deposited 20,000 ETH (valued at $76.3 million) into HTX, coinciding with Ethereum’s price breaking above $3,800.
This brings his total ETH deposits into centralized exchanges (CEXs) since early November to 41,630 ETH ($145.9 million). Of this, 39,000 ETH ($137 million) went to HTX, while 2,630 ETH ($8.76 million) was transferred to Poloniex, with an average deposit price of $3,505.
Justin Sun (@justinsuntron) deposited another 20,000 $ETH ($76.3M) to #HTX 8 hours ago as the price surged past $3,800!
Since $ETH began rebounding in early November, he has deposited 41,630 $ETH ($145.9M) into CEXs—39,000 $ETH ($137M) to HTX and 2,630 $ETH ($8.76M) to… https://t.co/G3QOPod2L3 pic.twitter.com/8RtZfJg71I
— Spot On Chain (@spotonchain) December 5, 2024
Ethereum appears poised for a significant breakout as it edges closer to ending three years of triangular consolidation. Analysts suggest that ETH could replicate the impulsive breakout witnessed in 2016-2017, potentially reaching new all-time highs rapidly.
#Ethereum about to break out of the 3 years of triangle consolidation, and $ETH could break out of the range where it has been for past 7 yrs.
Ethereum to repeat this impulsive breakout it did between 2016-2017 to shoot to new ATH very quickly
Price Target: $15,937 by May 2025 pic.twitter.com/YpOeWmM03T
— venturefounder (@venturefounder) December 4, 2024
However, resistance remains strong—analyst Ali Martinez’s chart shows five consecutive rejections for Ethereum, highlighting the challenges ahead.
5 consecutive rejections: #Ethereum $ETH pic.twitter.com/W1EKuIL4Ii
— Ali (@ali_charts) December 4, 2024
Ethereum Spot ETFs Has Shown Steady Growth
On the institutional side, Ethereum spot ETFs have shown steady growth, reflecting rising investor confidence. December 4 saw a net inflow of $168 million into Ethereum ETFs, marking the eighth consecutive day of positive net inflows. Notably, BlackRock’s ETHA ETF recorded a single-day net inflow of $124 million, while Fidelity’s FETH ETF contributed $40.68 million.
Ethereum spot ETF had a total net inflow of $168 million on December 4, and continued to have net inflows for 8 consecutive days. BlackRock ETF ETHA had a single-day net inflow of $124 million, and Fidelity ETF FETH had a single-day net inflow of $40.6772 million.… pic.twitter.com/EOwBkxQt9O
— Wu Blockchain (@WuBlockchain) December 5, 2024
Ethereum’s resurgence has been further fueled by its potential breakout from a seven-year price range. Analysts predict that such a move could accelerate ETH’s momentum, attracting more retail and institutional participation.
As Ethereum continues to attract attention from major players like Justin Sun and institutional investors, the market anticipates a transformative period for the second-largest cryptocurrency by market cap. Whether it’s charting new highs or navigating resistance, Ethereum remains at the forefront of crypto innovation and adoption.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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