Ethereum Eyes $4,000 as Justin Sun Dismisses Sell-Off Rumors

Reports of Ethereum sell-offs by Justin Sun, founder of Tron, have been dismissed, with Sun clarifying the movements were routine wallet transfers rather than liquidations.

This statement follows a period of significant on-chain activity, where over 108,000 ETH, valued at around $400 million, was transferred to the HTX exchange since November 10. Sun reaffirmed his bullish outlook on Ethereum, emphasizing his commitment to the ecosystem.

Ethereum’s price, meanwhile, has rebounded by 2%, surpassing $3,400 and showing early signs of a potential rally. Analysts suggest a bullish reversal may be underway, with the ETH/BTC pair gaining momentum after a bottom formation.

Javon Marks, a prominent crypto analyst, pointed out an “Adam & Eve Double Bottom Pattern” on the Ethereum chart, signaling a possible surge towards the $4,000 level and beyond.

READ MORE:

Are Bitcoin’s Long-Term Holders About to Cash Out?

For Ethereum to achieve a $4,000 rally, breaking past the $3,542 resistance level is critical. Ali Martinez, another market analyst, identified key support between $3,030 and $3,130 and resistance between $3,640 and $3,740. A sustained move beyond this range could solidify Ethereum’s upward trajectory, particularly as the market shifts its focus from sell-off rumors to renewed optimism.

Alexander Zdravkov

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.