Justin Sun clarifies ETH liquidation rumors

Rumors about Justin Sun selling Ethereum came up after big transfers during a price drop, but he clarified it was just moving funds between wallets. He still holds a lot of ETH and believes in its future. Experts are hopeful that Ethereum’s price will rise again.

Justin Sun sold ETH, The rumor

Justin Sun, the founder of Tron (TRX), rumors about him claiming that he sold a large amount of his Ethereum (ETH). These rumors have started after data showed huge transfers from wallets linked to him.

The timing of these transfers also combined with Ethereum’s recent drop in price which made people think Sun was selling his ETH.

The issue started when Justin Sun was said to have moved about $143 million worth of Ethereum which is 39,999 ETH to HTX. These transfers happened soon after Ethereum’s drop below $4,000 and that dropped to $3,127.

However, Sun explained on X post that he did not sell his Ethereum. He said that the transfers were just internal wallet movements and also confirmed that he still believes in Ethereum’s long-term potential, despite the price drop.

Despite the transfers he still holds about 42,904 ETH which is worth around $139 million.

Reports show that Sun has moved over 108,919 ETH to HTX since November 10 at an average price of $3,674, time of these transactions usually when prices are high.

Ethereum Price movements

As Ethereum’s price has been unstable recently. After hitting $4,000 recently it dropped to $3,127 However, it bounced back to $3,453.04. Its trading volume, now at $28.64 billion, has also dropped slightly. Analysts think Ethereum could recover well, with some spotting patterns that hint at a possible price rise.

Analyst Javon Marks identified “Adam & Eve Double Bottom Pattern,” which could push Ethereum above $4,000 and possibly up to $4,800 in the near future.

Despite recent price changes, Ethereum is still a major player in the blockchain world. Its strong role as a platform for decentralized applications (dApps) and ongoing technological improvements make it an important part of the crypto ecosystem. Sun’s renewed support for Ethereum reflects the overall optimism about its future growth and success.

Justin Sun’s clarification has been important in restoring confidence among investors during a time of uncertainty. By addressing the rumors directly and repeating his support for Ethereum, Sun has helped calm the market. His response shows how important clear communication.

Although the rumors about Justin Sun selling his Ethereum holdings caused concern Ethereum continues to grow and evolve.