As the cryptocurrency market continues to fall, whales and crypto giants like Justin Sun are taking advantage by buying the dip. On June 24, 2024, an on-chain analytics firm, SpotOnChain, made a post on X, stating that a wallet, 0xdbf, likely linked to the Tron founder Justin Sun, withdrew a massive amount of Ethereum (ETH). According to SpotOnChain, wallet address 0xdbf withdrew a notable 4,629 ETH worth $16.07 million from Binance, the world’s biggest cryptocurrency exchange.
Is Justin Sun buying Ethereum (ETH)?
This is not the only massive ETH withdrawal as its price has significantly dropped in the past few days. On June 21, 2024, a wallet likely belonging to Justin Sun withdrew a massive 9,338 ETH worth $32.9 million from Binance, as reported by Todayq News.
However, in the past 3 days, this wallet has withdrawn a significant 13,967 ETH worth $48.8 million from Binance. This ETH withdrawal is done as its price falls below the $3,500 level, with an average rate of $3,494. This massive withdrawal highlights Justin Sun’s interest in Ethereum as speculation regarding its Exchange Traded Fund (ETF) is at its peak.
Ethereum technical analysis and key levels
According to expert technical analysis, Ethereum is looking bearish and is potentially falling toward its next support at the $3,300 level. As of now, ETH is moving below the 50 EMA (Exponential Moving Average), which signals a bearish sentiment in a shorter time frame, whereas it is moving above the 200 EMA, meaning it is still bullish in the longer time frame.
Besides this technical analysis, in the last 24 hours, more than $29 million worth of positions have been liquidated. In this massive $29 million liquidation, a notable $28.60 million of only long positions have been liquidated, and only $537k worth of short positions have been liquidated according to data from CoinGlass.
This liquidation data highlights that the current sentiment is bearish, as short seller liquidation is very minimal compared to long liquidation. However, as the next support is at the $3,300 level, if the market reaches that level, we may see another massive long liquidation of over $115 million, as in the last 24 hours, $115 million worth of new long positions have been opened.
Currently, Ethereum is moving near the $3,360 level, and in the last 24 hours, it experienced a price drop of 4.2%. If we look at the performance of ETH over a longer period, in the last 7 days, it saw a price drop of 5.5%. Whereas, in the last 30 days, ETH’s price dropped by 10% according to data from CoinMarketCap.
