All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- Latest reports suggest that Tron founder Justin Sun is in the process of withdrawing 80,251 ETH from the liquid staking service provider Lido (LDO).
- Ethereum (ETH) recently struggled to break the $1,650 resistance and is now trading below $1,640. It also faces resistance at $1,640, the 100-hourly Simple Moving Average, and the 50% Fibonacci retracement level.
As per the on-chain data, Tron founder Justin Sun has been moving a large number of Ethereum (ETH) worth hundreds of millions of dollars. Crypto tracking platform Lookonchain was the first to detect Justin Sun’s significant Ethereum transactions, totaling $132 million.
Lookonchain’s data suggests that Sun is in the process of withdrawing a substantial Ethereum amount, specifically 80,251 ETH, from the liquid staking service provider Lido (LDO). To date, he has successfully completed the withdrawal of 43,000 ETH, amounting to $70 million, and subsequently deposited it into the Binance exchange.
Justin Sun(@justinsuntron) applied to withdraw 80,251 $ETH ($132M) on Oct 4.
So far, he has successfully withdrawn 43K $ETH ($70M) and deposited it to #Binance.https://t.co/6wvQuDabVE pic.twitter.com/UWvjytM6nN
— Lookonchain (@lookonchain) October 7, 2023
Considering that Justin Sun has transferred his ETH holdings to a cryptocurrency exchange, there’s a possibility that these assets may be put up for sale in the open market.
In addition, Lookonchain is closely monitoring the activity of a cryptocurrency address linked to Ethereum co-founder Vitalik Buterin. According to the on-chain data tracker, this address appears to be depositing 1,000 ETH, valued at $1.64 million, into the Bitstamp cryptocurrency exchange.
As per LookonChain,
This address has also deposited a total of 4,400 ETH ($7.23 million) to Bitstamp in the past two months. This address received 70,000 ETH ($115 million) from Vb3 and is believed to be related to vitalik.eth (may be the address of vitalik.eth).
Ethereum (ETH) Price Fails to Settle Above $1,650
The ETH price recently attempted to breach the $1,650 resistance, but it struggled to maintain levels above this mark, encountering resistance at $1,665. Ethereum also faced relative weakness compared to Bitcoin.
As of now, Ethereum is trading below $1,640 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, there’s a bullish trend line with support around $1,620.
In terms of potential price movements, Ethereum could encounter resistance around $1,640, the 100-hourly Simple Moving Average, and the 50% Fibonacci retracement level of the recent decline from the $1,664 swing high to the $1,617 low.
The next significant resistance lies at $1,650 or the 76.4% Fibonacci retracement level of the recent decline. The primary resistance zone remains near $1,665. A successful break above this resistance might propel the price towards the crucial resistance at $1,750.
On the downside, if Ethereum fails to surpass the $1,665 resistance, it may also continue its downward trajectory. Initial support is around $1,620, followed by a significant support level of $1,600.
Further down, the first major support is now at approximately $1,585. A breach below this level could trigger a more substantial decline, potentially revisiting the $1,540 level. Continued losses might even push Ether towards the $1,500 mark.
