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.
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.
However, resistance remains strong—analyst Ali Martinez’s chart shows five consecutive rejections for Ethereum, highlighting the challenges ahead.
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’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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