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Founder of Tron (TRX). Justin Sun He has broken his silence on allegations of his Ethereum (ETH) sales. In X mailSun denied allegations that he sold his Ethereum holdings. The rejection became necessary following on-chain data showing large deposits of HTX over the past month.
Sun refutes liquidation allegations
Sun asserts that claims that he has offloaded his Ethereum holdings are untrue. The rumors started after market observers noticed large transfers between wallets linked to Sun and his projects.
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This raised concerns, as such huge sales could negatively impact market sentiment and cause prices to fall. Given the performance of the ETH price in the broader cryptocurrency market, this has raised fears of a further collapse.
In the past seven days, Ethereum price has fallen from the $4,000 level it recently reached in an ongoing uptrend. Ethereum fell to a low of $3,127 in previous trading, raising investor concerns that it could fall below the $3,000 support level. It all happened as well Big sale coinage.
However, the altcoin rebounded well and rose to $3,458 before recording corrections. As of this writing, Ethereum commerce At $3,391.20, an increase of 1.73% over the past 24 hours.
Analysts expect a bullish turn for Ethereum
Addressing the rumors and addressing concerns, the Tron founder explained that the recent transfers were not liquidations but rather movements between wallets. Sun reiterated his long-term bullish stance on the Ethereum ecosystem.
Sun's message has reassured the market and could help calm the nerves of investors and traders alike. Some attributed the recent price fluctuations to uncertainty in some quarters of the market.
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Meanwhile, experts expect the Ethereum price to indicate the formation of a bottom with a strong rise in the future. They cited the ETH/BTC pair as another positive indicator of a potential market rally soon.
However, they stress that for Ethereum to retest the $4,000 price mark, it must break the $3,540 resistance level. CryptoQuant sees potential upside for Ethereum to the $5,000 level.
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