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ZyCrypto 2024-12-26 07:59:19

Tron’s Justin Sun Goes Mega Bullish on ETH, Denies Selloff Rumours

Tron’s Justin Sun Goes Mega Bullish on ETH, Denies Selloff Rumours

During recent price slides, crypto entrepreneur Justin Sun has restated his bullish grip on Ethereum (ETH) . The Tron Network executive has driven several reactions from the community due to on-chain digital asset movements and partnerships to drive wider adoption. Ethereum continues sideways movement after its price correction alongside Bitcoin. Justin Sun Stress Long-term ETH Holdings In a recent post on X (formerly Twitter), Justin Sun quelled concerns about offloading part of his Ethereum holdings. Crypto enthusiasts flagged large amounts of ETH flowing from Sun’s wallet to HTX. Fund transfers included assets from Lido Finance and EtherFi, increasing the sale rumours. However, Sun noted that it wasn’t a sale but merely a transfer between wallets. Generally, transfers from other custodians to exchanges are characterized as potential sales due to the ease of transactions, while movements to other custodians signify long-term holdings. The transfer to HTX sparked these concerns, mounting the shift in sentiments. The Tron executive remains bullish on the second-largest cryptocurrency with previous asset movements. However, Sun has moved 108,919 ETH to HTX after the November polls. These inflows came from the price jump that followed Donald Trump’s victory. Bitcoin hit new highs above 90K, driving up other crypto assets. Although Ethereum didn’t hit an all-time high, the largest altcoin attracted huge inflows, taking the price above $4K. This led to some traders recouping gains as the wider market’s profit-taking surged. On the other hand, some traders want mega bullish on the asset, tipping a price surge above $5K to end the year. “ The rumors circulating online about us liquidating ETH are false. This is simply a transfer of ETH between our different wallets. We remain long-term bullish on the Ethereum ecosystem,” Justin Sun tweeted. What’s Next For ETH Price? The last few days have been bearish for ETH prices and other crypto assets. Total liquidation topped $2 billion, sparking doubts over more peaks in the bull cycle. Despite negative trading, hourly trading shows a resurgence of positive signals as many metrics remain green. Ethereum has posted slight gains in the last 24 hours, while other top altcoins have pulled larger numbers. A major reason for the drive in ETH remains institutional investor activities taking funds to a string of weekly inflows. Altcoin traders are still warned about a patch of sideways trading before a bull swing.

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