Ethereum at $3,200: Justin Sun Nets $60M in Recent ETH Selloff
2024-11-11

Including Bitcoin and Ethereum, several other cryptocurrencies have seen a staggering growth in their trading price; the spike in trading prices of leading digital assets has helped hundreds of early investors to make millions and even billions in profit by cashing out their holdings. 
In a recent development, the founder of Tron Foundation, Justin Sun, has booked a more than $60 million profit by selling his ETH holdings. 
The cash out of 19,000 ETH was reported by an on-chain analysis firm, which notes that Justin has transferred ETHs worth millions in HTX, a leading cryptocurrency exchange in Hong Kong and other regions of the world. 
As per available data, he allegedly bought 392,474 ETH at a price of $3027 per Ether. In the past 48 hours, the Tron founder has offloaded a significant portion of his holdings; he reportedly withdrew ETH worth millions from Binance and has also transferred USDT worth millions to HTX.
Finance experts argue that Sun has deep ties with HTX, which is why, the majority of times, he preferred this exchange of offloading his holdings.
Several other ETH whales have booked millions in profit by selling some portions of their holdings. When writing, Ether was trading below the mark of $3200, but at the same time, it was trading above 20, 50, 100, and 200 EMA after registering a growth of 29 percent in the past seven days.
Despite a recent cash-out Justin still holds a massive chunk of ETH and a few other tokens, making him one of the most popular and youngest crypto billionaires in the digital asset market. Will ETH Reach $4k in the Next Few Sessions? 
The growth in Ether prices in the past few sessions has sparked speculations among investors that ETH will surpass $4k soon. As per dozens of cryptocurrency experts, it is possible that its price could see more bullishness in coming sessions, but if it continues to follow the same path it has followed since the past few trading sessions. Source: TradingView 
After Bitcoin, Ether is one of the most adopted cryptocurrencies worldwide, Trump’s victory has sparked debate in the vast market that the market might see some major developments before 2025. It is also expected that the Securities and Exchange Commission of the United States could get a new boss soon. The appointment for the position is likely to be filed by someone from the crypto sector.
Ethereum’s market dominance remains in the red as it fell over 17 percent in the YTD frame and 22 percent in the past 52 weeks. The decline in dominance isn’t a good signal for ETH, but if its market cap and price continue to favor the dominance, there are expectations of the acquisition of new milestones in the near future. 
The press time dominance of ETH was below 20, 50, 100, and 200 EMA; at the same time, the market capitalization was above all EMAs growing more than 28 percent in the past seven days and 39 percent in the YTD frame. 
Some primary factors that could help ETH reach its new highest are its constant development and advancement, surged user base, and Ether’s surge in trading volume.  © Todayq News