Following speculation regarding the potential approval of a spot Ethereum ETF (Exchange Traded Fund), investors and traders are heavily accumulating the world’s 2nd biggest cryptocurrency, Ethereum. On February 29, 2024, an on-chain analytic firm lookonchain made a post on X (previously Twitter) that billionaire and HTX founder Justin Sun had deposited a huge $100 million USDT to Binance again. However, the massive $100 million deposit might indicate another significant Ethereum purchase.
Justin Sun’s recent Ethereum purchase
Earlier, it was suspected that Justin Sun added a massive 168,369 Ethereum worth around $580.5 million with an average price of $2,894. However, this substantial purchase by Justin Sun took place between February 12, 2024, to February 24, 2024, and as of now, the total unrealized profit that Justin Sun is experiencing is nearly $95 million.
However, an unknown wallet address “TWGHNc”, deposited over 50 million USDT into Binance on February 20, 2024. Whereas the same wallet address has withdrawn 500 million worth of USDT from HTX. However, the massive USDT withdrawal from HTX makes Justin Sun a possible suspect.
Besides, Sun’s recent purchase, other crypto whales massively accumulated Ethereum before ETH hit the $3,000 mark as reported by Todayq News. Recently, on February 26, 2024, Ethereum experienced a record surge in its open interest. However, this was the time when Ethereum was trading near $3,100 and since then, Ethereum has surged more than 10%.
Ethereum Technical analysis and key levels
Currently, Ethereum is trading near $3,450, and in the last 24 hours, it experienced over 5% upside momentum. If we look at the performance of Ethereum over a longer period, in the last 7 days, Ethereum’s price experienced over 16% upside momentum. Whereas, in the last 30 days, it experienced a massive 50% upside momentum.
According to expert technical analysis, Ethereum is looking bullish, and the recent bullish sentiment indicates that in the coming days, it has a high potential to hit the $3,600 level. However, this might be another hurdle for Ethereum as $3,600 is a major resistance level for Ethereum. If Ethereum breaks this $3,600 level, then in the coming days, we may see Ethereum reach its all-time high.
