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Justin Sun’s team moved 41,630 ETH, worth $146M, into centralized exchanges.
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Major ETH Deposits Directed to HTX around 39k ETH and 2,630 ETH to Poloniex.
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Ethereum eyes $4,000 after breaking the $3,800 level as the next critical resistance level stands at $3920.
Tron founder Justin Sun’s team is catching the eyes of crypto enthusiasts in the crypto space by transferring 41,630 ETH, worth $146 million, to centralized exchanges. This move comes after Ethereum’s impressive 60% rally over the past month, soaring to $3,860. Many in the crypto community are wondering: Is Sun cashing out profits or gearing up for a bigger move?
Justin Sun’s Team Offloading ETH Massively
Spotonchain revealed that Justin Sun’s team has been actively transferring Ethereum into centralized exchanges. Since Ethereum’s price began climbing in November, Sun’s team has deposited a staggering 41,630 ETH, valued at around $146 million.
Justin Sun (@justinsuntron) deposited another 20,000 $ETH ($76.3M) to #HTX 8 hours ago as the price surged past $3,800!
Since $ETH began rebounding in early November, he has deposited 41,630 $ETH ($145.9M) into CEXs—39,000 $ETH ($137M) to HTX and 2,630 $ETH ($8.76M) to… https://t.co/G3QOPod2L3 pic.twitter.com/8RtZfJg71I
— Spot On Chain (@spotonchain) December 5, 2024
Later, it was found that most of these funds like 39,000 ETH (around $137 million) were transferred to at HTX exchange, while 2,630 ETH (roughly $8.76 million) were sent to Poloniex.
However, these deposits were made at an average Ethereum price of $3,505, raising curiosity about the timing and purpose behind these moves.
Adding to the excitement, just 8 hours ago, Sun deposited another 20,000 ETH, valued at $76.3 million, into HTX as Ethereum’s price broke past the $3,800 mark.
Motive Behind The Transfer
The scale and timing of these transfers have sparked plenty of chatter in the crypto space. Many in the crypto community suggest that Sun might be preparing for a big trade or looking to secure liquidity. Others see it as a strategic move, aligning perfectly with Ethereum’s upward trend.
The heavy focus on HTX, where the bulk of the funds have been directed, raises additional questions. Could this be a show of trust in the exchange’s stability, or is there something bigger at play?
Ethereum Price Analysis
Ethereum is showing strength, gradually climbing from the $3,550 support zone. It recently broke above $3,800, reaching a high near $3,895, fueling optimism among traders.
Ethereum chart analysis suggests that the next key challenges for ETH are $3,920 and $3,950. If the price manages to break through these levels, it could pave the way for a move toward $4,000. A successful push above $4,000 might even lead to further gains, potentially reaching $4,050 or $4,120.
On the flip side, if Ethereum struggles to clear $3,920, it could face a pullback. Support levels to watch include $3,800 and $3,750, with a deeper dip possibly taking it to $3,600.
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