Ethereum Price Soars as Tron Founder Justin Sun Raises 15,000 ETH, What’s Next?
Ethereum, the second-largest cryptocurrency by global market cap, appears to have sparked a flood of optimism among crypto market traders and investors globally on April 24. While ETH’s price action showed a significant recovery, this was followed by an increase in whale activity revolving around the token. The Eternal solana rival caught investors’ attention today as crypto market participants speculated about the token’s upcoming price movement.
In particular, tron founder Justin Sun, one of the leading figures in the crypto world, has continued to accumulate staggering amounts of ETH, according to today’s on-chain data. Meanwhile, whale activity surrounding the token has been on the rise over the past few days, and a bullish trend is evident around ETH. Let’s take a closer look at why Ethereum, despite its sideways trading over the past few days, is fueling market optimism with whales buying the token.
Ethereum Accumulations Watch for a Spike and Increases Market Optimism
According to insights from blockchain data analysis platform Lookonchain, wallet 0x4359 affiliated with Justin Sun attracted global attention by withdrawing 15,389 ETH worth $49.78 million from Binance today, April 24. This massive accumulation by Sun underlined the growing sense of confidence in the future of the asset and created immediate bullish sentiment towards the upcoming ETH price trajectory.
Interestingly, parofix Media noted the large number of ETH whale accumulations yesterday and weighed in on the token’s optimistic approach to the market. According to the report, Justin Sun invested a staggering $1 billion in Ethereum yesterday, further strengthening the TRON founder’s confidence in the asset. This, combined with increasing Ethereum whale accumulations, paints a very bullish outlook for Ethereum’s upcoming price action.
Also read: Crypto News: FTC Votes to Ban Non-Compete Agreements in Employment Agreements
Ethereum Price Increases
As of the time of writing, it was stated that the Ethereum token price increased by 1.67% in the last 24 hours and is currently traded at $ 3,242. ETH market cap increased by 1.58%, accompanied by a 2.16% increase in 24-hour trading volume, creating mild optimism about the token.
This price recovery exhibited by ETH is primarily in line with the huge accumulations recorded in the last few days, as mentioned above. However, derivative data on token signals has reduced investor interest and market activity in the token, highlighting a potential bearish trend for Ethereum in the market as of press time. Coinglass revealed that there was a 0.39% decrease in the token’s open interest, accompanied by a 2.88% decrease in derivative volume.
This revealed an uncertain scenario surrounding the upcoming price movement of ETH as bulls or bears could take over the token at any time in the future. However, accompanied by post-BTC halving optimism and significant whale accumulations, crypto market enthusiasts continue to heavily examine the token, hoping to see an upward price movement ahead.
Also Read: Block Inc Successfully Completed Bitcoin Mining Chip Development
✓ Share:
parofix consists of an experienced team of local content writers and editors who work around the clock to cover the news globally and present the news as a fact rather than an opinion. parofix writers and reporters contributed to this article.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
#Ethereum #Price #Soars #TRON #Founder #Justin #Sun #Raises #ETH #Whats