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<p>In recent developments, questions have arisen regarding whether Justin Sun, the prominent figure in the crypto space, has acquired a substantial amount of Ethereum (ETH). If true, this could further help boost the ETH price gain momentum to $3,500 and above.</p> 
<h3 id="justin-sun-wallet-shows-strong-ethereum-buying">Justin Sun Wallet Shows Strong Ethereum Buying</h3> 
<p>Lookonchain, an on-chain data provider, highlights intriguing activities in <a href="https://coingape.com/ethereum-whale-stakes-20-5k-eth-amid-price-recovery-whats-next/" target="_blank" rel="noopener">whale wallets</a> suspected to be associated with Sun. Since April 8, a wallet suspected to be Sun’s has purportedly acquired 127,388 ETH, amounting to $405.19 million.</p> 
<p>Notably, this wallet deposited a significant sum of 787 million USDT to Binance on the Tron network starting March 31. Additionally, on the same date, a mysterious wallet emerged on the Ethereum blockchain, withdrawing $96.8 million in stablecoins from Binance.</p> 
<p>Curiously, this wallet commenced purchasing ETH from both Binance and decentralized exchanges, accumulating a total of 127,388 ETH valued at $405.19 million, with an average price of $3,172. These actions mirror those observed in a wallet previously linked to Sun, which acquired 168,369 ETH valued at $487 million between February 12 and February 24. If these wallets indeed belong to Sun, his ETH holdings would amount to a substantial 295,757 ETH, valued at $891 million, acquired at an average price of $3,014 from Binance and decentralized exchanges since February 12.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">Did <a href="https://twitter.com/hashtag/JustinSun?src=hash&amp;ref_src=twsrc%5Etfw">#JustinSun</a> buy 127,388 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>($405.19M) since Apr 8?</p> 
 <p>The wallet suspected of being <a href="https://twitter.com/hashtag/JustinSun?src=hash&amp;ref_src=twsrc%5Etfw">#JustinSun</a> has deposited 787M <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USDT</a> to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> on <a href="https://twitter.com/hashtag/Tron?src=hash&amp;ref_src=twsrc%5Etfw">#Tron</a> since Mar 31.</p> 
 <p>Also on Mar 31, a mysterious wallet was created on <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> and withdrew $96.8M stablecoins from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a>.<br>Is this a… <a href="https://t.co/OcEovodUrc">pic.twitter.com/OcEovodUrc</a></p> 
 <p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1782253466490175642?ref_src=twsrc%5Etfw">April 22, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h3 id="eth-price-action-ahead">ETH Price Action Ahead</h3> 
<p>As of press time, the <a href="https://coingape.com/price/ethereum/" target="_blank" rel="noopener">Ethereum price</a> is trading 1.58% up at a price of $3,226 and a market cap of $387 billion. Analysis of the ETH/USD pair’s hourly charts reveals a significant breakthrough, as Ethereum breaches two interconnected downtrend lines positioned at the $3,070 and $3,150 marks.</p> 
<p>Currently, Ethereum’s value exceeds $3,190 and maintains a position above the 100-hour Simple Moving Average, signaling a bullish outlook. Initial resistance is observed at $3,200, with notable barriers at $3,250 and $3,280. Overcoming these obstacles may propel Ethereum towards $3,350 and potentially beyond.</p> 
<p>Conversely, failure to breach the $3,250 resistance could lead to a downtrend. In such a scenario, critical support is anticipated around $3,150. Further decline below the $3,120 level and the 100-hour SMA could escalate selling pressure, potentially driving prices toward $3,020 and even as low as $2,965.</p> 
<p>The post <a href="https://coingape.com/justin-sun-reportedly-scooped-890-million-worth-of-ethereum-eth-price-surge-ahead/">Justin Sun Reportedly Scooped $890 Million Worth of Ethereum, ETH Price surge Ahead?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Justin Sun Reportedly Scooped $890 Million Worth of Ethereum, ETH Price surge Ahead?

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