Man who potentially caused Ethereum’s price spike to $1,600 provides even more support
Justin Sun’s exceptional trading performance has been actively discussed in the community recently, as the ex-Tron CEO predicted the exact market top. However, he is not stopping and is providing more insights by moving $50 million to Binance. The last time he did it, Ether rallied above $1,600.
A sudden transfer occurred while Ethereum struggles to break through the $1,600 threshold. The second biggest cryptocurrency desperately needs support from whales to continue moving up. The $50 million support from Sun only could start a reaction on the markets and initiate yet another rally.
Justin Sun transferred 50M to #Binance just now.
The last time he transferred a large amount of stablecoins to #Binance was 7 days ago.
After that, the price of $ETH rose from $1,335 to $1,620, an increase of 22%.
— Lookonchain (@lookonchain) October 31, 2022
The link between Sun and Ethereum is obvious as the developer and an official Huobi adviser have been perfectly buying and selling the asset on the market for the last year. At the absolute top, Sun sold 340,000 ETH, making an enormous profit right ahead of a massive crash. On Ethereum’s way down, he has been making small transfers below 50,000 ETH, gradually decreasing his position.
The most recent transfer to Binance might be the first buying activity Sun has shown in the last few months. Since Ether has been struggling after the Merge, most retail holders decided to drop their holdings, which whales gladly accepted, according to the on-chain data.
The accumulation of Ethereum can signal a potential decrease in selling pressure, which is relevant for an asset that is being actively pushed down by retail investors. As whales like Sun deploy more funds, we should see a positive reversal on the market and a continuation of the rally that put Ether at $1,600.
At press time, Buterin’s cryptocurrency is trading at $1,601, with a mild 1.8% price increase in the last 24 hours.