It’s been over 30 days since the market entered the choppy zone, with top cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) experiencing massive price drops. Amid this continuous downturn, an on-chain analytics firm, Spotonchain, recently posted that a new wallet linked to Tron founder Justin Sun withdrew a massive 9,338 ETH worth $32.9 million from Binance.
Wallet-linked Justin Sun withdrew $33 million in ETH
This significant ETH withdrawal occurred just an hour ago according to Spotonchain. After that, the price of Ether dropped by 1.5% to below $3,480. Sun’s action in withdrawing ETH suggests his strong belief in the cryptocurrency, seizing this price drop as an opportunity to increase his holdings.
In addition to the ETH withdrawal, 17 hours ago, a massive deposit of 89.57 million USDT was made to Binance from Sun’s TT2T1 wallet on the TRON network. Sun has been notably active in 2024, particularly before and after the approval of the spot Bitcoin ETF (Exchange Traded Fund), allegedly purchasing a massive 345,721 ETH worth $1.2 billion.
However, these billions worth of Ethereum were transacted via two crypto wallets, 0x7a9 and 0x435, in February and April 2024, respectively. This recent transaction by Sun coincides with speculation surrounding the potential approval of a spot Ether ETF on July 2, 2024.
Despite speculation regarding approving a spot Ether ETF, the market continues to decline. In the last 10 days, Ether’s price has dropped by 5%. As of the current writing, ETH is hovering around $3,480, experiencing a nearly 4% price drop in the last 24 hours according to data from CoinMarketCap. Over a longer period, ETH has experienced a 1.5% price drop in the last 7 days, while the bearish sentiment has led to a 5% drop in the last 30 days.
Ether technical analysis and key levels
According to expert technical analysis, Ether is currently at a crucial support level of $3,480 and is trading below the 50 EMA (Exponential Moving Average). In the last 10 days, this marks the 5th occasion that ETH has reached this level, and each time, due to whale interest near this level, the market has surged 3 to 4%. However, Ether appears bearish on a 4-hour timeframe as it remains below the 50 and 200 EMA.
The current market situation is bearish, yet there are no negative news events or government updates regarding the cryptocurrency market. This bearish sentiment could induce fear in the market, prompting retail investors to dump their holdings, ultimately benefiting whales and investors like Justin Sun.
