Justin Sun Denies Ethereum Sale Rumors

• Justin Sun denies selling Ethereum, reaffirms support for ETH.
• Transfers were internal, with no direct impact on the market.
• Ethereum Could Reach $4.800 With Positive Technical Patterns

Justin Sun, founder of decentralized blockchain platform Tron (TRX), has come forward to deny rumors about the alleged sale of his Ethereum (ETH) assets. The speculation arose after on-chain data revealed significant movements involving the cryptocurrency, with significant deposits directed to the HTX exchange last month.

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.

— HE Justin Sun 🍌 (@justinsuntron) December 24, 2024

These rumors gained momentum due to the transfer of 39.999 ETH, valued at approximately $143 million, which occurred shortly after a sharp drop in the price of Ethereum, from $4.000 to $3.127. It was believed that such movements could indicate a large-scale sell-off, capable of negatively impacting market sentiment and further pressuring the asset's prices.

In response, Sun clarified via X Platform that these transactions represented only internal transfers between wallets. He noted: “These transactions are completely normal and there is no intention to sell. We remain confident in the potential of Ethereum and continue to support this ecosystem.”

Sun further reinforced his stance on Ethereum, stating that he holds approximately 42.904 ETH in his reserves, valued at around $139 million. Reports indicate that since November 10, he has moved over 108.919 ETH into HTX, at an average price of $3.674 per transaction, mostly during bullish market moments.

Ethereum’s price has been volatile over the past few days. After hitting $4.000 in a recent high, the price has since fallen back to $3.127, raising concerns among investors that the $3.000 support could be broken. The cryptocurrency is currently trading at $3.491,72, representing a 2,81% increase in the past 24 hours.

Analysts remain optimistic about Ethereum’s recovery. An identified technical pattern, known as the “Adam Eve Double Bottom Pattern,” could propel the cryptocurrency’s price above $4.000, with projections for it to reach as high as $4.800 in the near term.

At the time of publication, the price of Ethereum was quoted at $3.471,52 with a drop of 0.6% in the last 24 hours.

Justin Sun's statements were important in calming investors' spirits, reinforcing their confidence in Ethereum and highlighting their commitment to the ecosystem, even amid market fluctuations.