Ethereum

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<p>Ethereum price action points to an imminent rally fueled by market developments and bullish indicators lately. Per reports, Justin Sun, a top figure in the crypto sector, has bought $5M worth of ETH. Additionally, technical analysis, including a crucial support level reversal and favorable RSI divergence, suggests a potential 50% surge in Ethereum’s value.</p>
<h2 class="wp-block-heading" id="strong-sun-s-recent-eth-purchases-signal-strong-confidence-strong"><strong>Sun’s Recent ETH Purchases Signal Strong Confidence</strong></h2>
<p>Justin Sun, known for his involvement in the TRON ecosystem, has made substantial Ethereum purchases recently. According to Spot On Chain, Sun allegedly spent 5 million USDT to acquire 1,614 ETH at approximately $3,097 per token. This transaction occurred just 12 hours prior to the report.</p>
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   <p lang="en" dir="ltr">12 hours ago, Justin Sun (<a href="https://twitter.com/justinsuntron?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@justinsuntron</a>) allegedly spent 5M <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$USDT</a> to buy 1,614 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$ETH</a> at ~$3,097.<br><br>Since Feb 8, Justin Sun might have bought 362,751 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$ETH</a> (est. cost: $1.11B) at ~$3,047 via 3 wallets (more details in previous posts <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;">).<br><br>Note that he also deposited 45M <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$USDT</a> to… <a href="https://t.co/xeW1usR3MJ" target="_blank" rel="noopener noreferrer nofollow">https://t.co/xeW1usR3MJ</a> <a href="https://t.co/aJ4zhXFas2" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/aJ4zhXFas2</a></p>— Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1811228197981454720?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 11, 2024</a>
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<p>Moreover, since February 8, Sun might have bought a total of 362,751 ETH, estimated at $1.11 billion, using three different wallets. The average purchase price for these transactions was around $3,047 per ETH.&nbsp;</p>
<p>Additionally, Sun deposited 45 million USDT to Binance recently, hinting at potential future Ethereum purchases.</p>
<h2 class="wp-block-heading" id="strong-ethereum-technical-analysis-points-to-bullish-momentum-strong"><strong>Ethereum Technical Analysis Points to Bullish Momentum</strong></h2>
<p>Coinpedia’s chart analysis on TradingView <a href="https://www.tradingview.com/chart/ETHUSD/AmdNOkgm-Ethereum-s-Q3-2024-Surge-A-50-Bull-Run-on-the-Horizon/" target="_blank" rel="noopener noreferrer nofollow">reveals several bullish indicators</a> for Ethereum. The crypto asset recently reversed from the crucial $2,850 support level, suggesting the potential start of a new bull cycle. This reversal coincides with a failed double top formation on the weekly chart, with a neckline at $2,844.</p>
<p>Significantly, the neckline aligns with the 50% Fibonacci retracement level, adding weight to its importance as a support zone. The weekly Relative Strength Index (RSI) currently sits below the halfway line. However, a reverse divergence in this indicator hints at a possible uptrend soon.</p>
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<h2 class="wp-block-heading" id="strong-market-sentiment-and-liquidations-strong"><strong>Market Sentiment and Liquidations</strong></h2>
<p>Recent market activity has shown a shift in sentiment favoring the bulls. Short-side liquidations totaling $52 million indicate weakening bearish control over ETH. This development, combined with the technical indicators, suggests growing momentum for an upward price movement.</p>
<p>The MACD indicator currently shows a negative crossover in its lines, fueling bearish histograms. However, this situation often precedes a potential reversal, further supporting the bullish case for Ethereum.</p>
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<p><strong><em>Read also: </em></strong><a href="https://captainaltcoin.com/why-is-siacoin-sc-crypto-price-pumping-bulls-eye-another-double-digit-spike-to-this-next-level/" target="_blank" rel="noopener noreferrer nofollow"><strong><em>Why Is Siacoin (SC) Crypto Price Pumping? Bulls Eye Another Double-Digit Spike to This Next Level</em></strong></a></p>
<h2 class="wp-block-heading" id="strong-eth-s-current-market-position-and-future-catalysts-strong"><strong>ETH’s Current Market Position and Future Catalysts</strong></h2>
<p>Ethereum currently <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow">trades at $3,098.71</a>, with a slight 0.18% increase in the last 24 hours. Its market capitalization hovers around $370 billion, solidifying its position as the second-largest crypto by market value.</p>
<p>Looking ahead, the anticipated Ethereum ETF listing could serve as a key catalyst for price appreciation. This development, combined with the current technical setup and market sentiment, supports the potential for a 50% rally in Ethereum’s price.</p>
<p><em><strong>Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community?<br>Get all our future calls by joining our&nbsp;<a href="https://t.me/captainaltcoincom" target="_blank" rel="noopener noreferrer nofollow">FREE Telegram group.</a></strong></em></p>
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<p>The post <a href="https://captainaltcoin.com/ethereum-price-set-to-rally-50-as-justin-sun-buys-5-million-eth/" rel="noopener noreferrer nofollow">Ethereum Price Set to Rally 50% as Justin Sun Buys $5 Million ETH</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Ethereum Price Set to Rally 50% as Justin Sun Buys $5 Million ETH

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