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.

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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