Ethereum

Million

TRON

<ul> 
 <li aria-level="1">Sun has accumulated 362,751 ETH since February 2024, indicating strong, continued investment in Ethereum.</li> 
 <li aria-level="1">Technical analysis shows Ethereum above 200 EMA, hinting at bullish trend if price holds above $3,135.</li> 
</ul> 
TRON founder Justin Sun recently acquired 1,614 Ethereum (ETH), valued at approximately $5 million, as the approval of a spot <a href="https://www.ethnews.com/bitwise-executive-discusses-imminent-launch-of-ethereum-etfs-in-the-u-s/">Ethereum ETF draws near</a>. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 12 hours ago, Justin Sun (<a href="https://twitter.com/justinsuntron?ref_src=twsrc%5Etfw">@justinsuntron</a>) allegedly spent 5M <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USDT</a> to buy 1,614 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> at ~$3,097. 
 Since Feb 8, Justin Sun might have bought 362,751 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> (est. cost: $1.11B) at ~$3,047 via 3 wallets (more details in previous posts <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;">). 
 Note that he also deposited 45M <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USDT</a> to… <a href="https://t.co/xeW1usR3MJ">https://t.co/xeW1usR3MJ</a> <a href="https://t.co/aJ4zhXFas2">pic.twitter.com/aJ4zhXFas2</a> 
 — Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1811228197981454720?ref_src=twsrc%5Etfw">July 11, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
This reflects a broader trend of anticipation within the market, where Ethereum’s price appears to be climbing towards the $3,300 mark due to heightened investor interest. 
On July 11th, Sun’s purchase was highlighted by an on-chain analytics firm, stating that these ETH were bought at an average price of about $3,097. 
Furthermore, Sun has been active in the market since February 2024, purchasing a total of 362,751 ETH valued at $1.11 billion through three wallets. He also deposited $45 million in USDT to Binance, suggesting further potential market actions. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Golem(<a href="https://twitter.com/golemproject?ref_src=twsrc%5Etfw">@golemproject</a>) appears to have stopped selling <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>, and he staked 40,000 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>($124.6M) 8 hours ago.<a href="https://t.co/JLwB4bmBtQ">https://t.co/JLwB4bmBtQ</a> <a href="https://t.co/HzizTZ01YG">pic.twitter.com/HzizTZ01YG</a> 
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1811228391972168022?ref_src=twsrc%5Etfw">July 11, 2024</a>
</blockquote> 
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In related developments, a cryptocurrency investor known as Golem <a href="https://x.com/lookonchain/status/1811228391972168022">has halted</a> their sales of ETH and staked 40,000 ETH. This staking indicates a shift in strategy towards holding rather than selling, possibly predicting a bullish market turn for Ethereum. 
<h2 id="b-technical-analysis-supports-this-optimistic-outlook-for-ethereum-b">Technical Analysis supports this Optimistic outlook for Ethereum</h2> 
ETH recently showed a bullish double-bottom pattern in its price chart, suggesting potential growth if it maintains its current trajectory above the $3,135 level. Additionally, Ethereum’s movement above the 200 Exponential Moving Average (EMA) on daily charts further confirms the positive trend. 
<figure id="attachment_81601" aria-describedby="caption-attachment-81601" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-81601 size-full" title="ETHUSDT_2024-07-11_13-18-03" src="https://www.ethnews.com/wp-content/uploads/2024/07/ETHUSDT_2024-07-11_13-18-03-e1720712255134.png" alt="ETHUSDT_2024-07-11_13-18-03" width="1823" height="766">
 <figcaption id="caption-attachment-81601" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
ETHNews <a href="https://www.ethnews.com/rising-ethereum-staking-activity-amidst-declining-network-use-a-contradiction-explained/">market analysts</a>, including Bloomberg’s ETF expert Eric Balchunas, speculate that the U.S. Securities and Exchange Commission (SEC) might approve the Ethereum ETF by July 18th, 2024. This approval could significantly impact Ethereum’s market position, attracting more institutional investments. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 We don't have a new over/under launch date yet because we haven't heard what the SEC's game plan is. Hope to hear soon. But if you forced me gun to head style to give my best guess for date I'd go with July 18th. 
 — Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1810416604389539880?ref_src=twsrc%5Etfw">July 8, 2024</a>
</blockquote> 
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Despite these ETHNews <a href="https://www.ethnews.com/ethereum-sees-renewed-interest-ahead-of-anticipated-etf-approval/">positive indicators</a>, the current open interest in Ethereum has shown a slight decline, suggesting some hesitancy among investors. 
<figure id="attachment_81605" aria-describedby="caption-attachment-81605" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-81605" src="https://www.ethnews.com/wp-content/uploads/2024/07/ETHjuly11.png" alt="" width="1480" height="607">
 <figcaption id="caption-attachment-81605" class="wp-caption-text">
 Source: CoinGlass
 </figcaption>
</figure> 
Moreover, the market remains cautious, with potential for liquidations depending on Ethereum’s ability to hold or surpass the $3,300 level. 
<div class="cryptoboxes" id="mcw-12523" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="ETH" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div> 
Currently, Ethereum trades near $3,115, with a minor increase observed over the last 24 hours. 
The post <a href="https://www.ethnews.com/justin-sun-buys-5-million-in-ethereum-ahead-of-etf-approval/">Justin Sun Buys $5 Million in Ethereum Ahead of ETF Approval</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Justin Sun Buys $5 Million in Ethereum Ahead of ETF Approval

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