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Sujit Kumar
Dec 24, 2024
by Sujit Kumar

Justin Sun Dismisses Liquidation Fears as Ethereum Targets $4,000

ethereum sell off

Table of contents

  1. Ethereum Price Poised for Rally
  2. Critical Resistance and Support Zones
  3. Market Sentiment Improves
Justin Sun, the founder of Tron and prominent crypto figure, recently addressed speculation surrounding large Ethereum (ETH) deposits to HTX. According to Sun, the transfers were part of a planned wallet reshuffling rather than any attempt to liquidate assets. Since November 10, Sun has moved 108,919 ETH, valued at $400 million, into HTX at an average price of $3,674 per ETH. He reiterated his commitment to Ethereum’s ecosystem, highlighting his bullish long-term perspective.

Ethereum Price Poised for Rally

Ethereum (ETH) has climbed 2%, currently trading above $3,400, with analysts optimistic about a potential rally. Many see parallels to Ethereum’s price movements in 2020, suggesting this could be the beginning of a significant upward trend. The ETH/BTC pair indicates Ethereum’s outperformance against Bitcoin, signaling renewed market confidence.

Crypto analyst Javon Marks identified an "Adam & Eve Double Bottom Pattern" on Ethereum's chart. This technical indicator often signals a bullish reversal, with ETH potentially targeting the $4,000 mark in the near term.

Critical Resistance and Support Zones

Ethereum’s next key resistance level lies at $3,542. Breaking through this could set the stage for a rally to $4,000, with some analysts forecasting a further surge to $5,000 by the holiday season. Support for ETH is currently found between $3,030 and $3,130, while the resistance zone spans $3,640 to $3,740. A breakout from this range could solidify Ethereum’s next significant price movement.

Market Sentiment Improves

Following Sun’s reassurance and strong technical indicators, sentiment around Ethereum has turned bullish. With market dynamics aligning, Ethereum appears poised to reclaim its upward momentum as 2024 draws to a close.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Justin Sun Dismisses Liquidation Fears as Ethereum Targets $4,000
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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