TL;DR
- Justin Sun has restated his bullish stance on Ethereum amid recent price slides, addressing community concerns about large ETH transfers from his wallet to HTX.
- Sun clarified that the transfers were not sales but merely movements between wallets, indicating a long-term investment strategy.
- Despite recent downward trends in ETH prices, Sun remains confident in Ethereum’s future, with some traders predicting a price surge above $5,000 by the end of the year.
During recent price slides, crypto entrepreneur Justin Sun has restated his bullish stance on Ethereum. The Tron Network executive has driven several reactions from the community due to on-chain digital asset movements and partnerships aimed at driving wider adoption. Ethereum continues its sideways movement after a price correction alongside Bitcoin.
Addressing the Selloff Concerns
In a recent post on X, 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, including assets from Lido Finance and EtherFi, increasing the sale rumors.
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.
— H.E. Justin Sun 🍌 (@justinsuntron) December 24, 2024
However, Sun clarified that it wasn’t a sale but merely a transfer between wallets. Transfers from one custodian to an exchange are often seen as potential sales because of the simplicity involved in executing these transactions. In contrast, moving assets to another custodian typically indicates a strategy focused on long-term investment.
Sun’s Bullish Outlook on Ethereum
The Tron executive continues to express confidence in the second-largest cryptocurrency, following recent asset transactions. Sun has transferred 108,919 ETH to HTX after the elections in November.
The surge in inflows was a result of the price spike that occurred after Donald Trump’s election win. Bitcoin hit new highs above $100,000, driving up other crypto assets. Although Ethereum didn’t hit an all-time high, the largest altcoin attracted huge inflows, taking the price above $4,000.
Some traders managed to recover their profits as the broader market experienced a wave of profit-taking. On the other hand, some traders went mega bullish on the asset, tipping a price surge above $5,000 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 past few days have seen a downward trend in ETH prices and other cryptocurrencies. 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 seen modest increases over the past 24 hours, whereas several leading altcoins have experienced more significant gains.
