The price of Ethereum (ETH) 
$3,304 has surpassed the critical threshold of $3,920. During this upswing, Justin Sun, the founder of Tron, continues to sell significant amounts of ETH. Today, Sun transferred a total of 20,000 ETH (approximately $76 million) to the HTX exchange. Other large Ethereum holders have similarly increased their selling activities.
Justin Sun’s ETH Sales and Market Impact
Since the beginning of November, Justin Sun has regularly been selling Ethereum. During this period, he transferred a total of 41,630 ETH to the HTX and Poloniex exchanges. The average purchase price of these sales is estimated to be around $3,505, suggesting a strategy to capitalize on the recent ETH price increase.
The price of Ethereum has risen by 5.5% in the last 24 hours, reaching $3,923. Market capitalization has increased to around $472 billion, with daily trading volume hitting $65 billion. Open positions have increased by 9.34%. However, market liquidations have reached $89 million, leading analysts to suggest that Sun and other whale sales could create short-term pressure on prices.
Ethereum Network Activity and ETF Investments Increase
Growing network activity is drawing attention to Ethereum. Spot Ethereum ETFs are also gaining strong momentum in the market. BlackRock’s ETHA fund has received $124.5 million, while Fidelity’s FETH fund has attracted $40.7 million in investments, indicating growing confidence in Ethereum.
Analysts note that ETH is testing the upper boundary of a significant triangle formation. If a breakout occurs, prices could reach $4,092. Surpassing this level could make the all-time high of $4,812 a target again.
The increasing activity on the Ethereum network and demand for ETFs support the long-term growth potential of the altcoin. However, heavy selling from Justin Sun and other whales may lead to a short-term price correction. Investors should closely monitor these developments.
