Justin Sun Takes $69 Million Profit from Ethereum Rally
- Justin Sun cpitlizs on Ethereums surg, dpositing 19,000 ETH into HTX, gining $69.36 million.
- Whl offlods 46,853 ETH nd 12,886 ETH but rtins $1.27 billion in Ethereum holdings.
- Ethereum chllngs wkly rsistnc t $3,236, with potntil for 9.8% rlly if surpssd.
Th worlds scond-lrgst cryptocurrncy, Ethereum (ETH), hs hd rmrkbl wk, gining 28% in vlu. This upswing coincids with notbl movmnts mong lrg ETH holdrs, rising qustions bout th coins nr-trm trjctory.
Justin Sun Capitalizes on Ethereum Surge
Tron foundr Justin Sun, prominnt figur in th crypto spc, cshd in on th Ethereum rlly. According to on-chin dt, Sun dpositd 19,000 ETH (pproximtly $60.83 million) into th HTX xchng. This mov suggsts profit-tking strtgy, with n stimtd $69.36 million gin, rprsnting 5.69% rturn on his initil $1.19 billion invstmnt. Dt shows Sun cquird ths holdings btwn Fbrury nd August cross thr wllts, with n vrg purchs pric of $3,027.
Mnwhil, th Lookonchin pltform rportd tht whl holding 398,891 ETH (worth $1.28 billion) hs sold prt of thir holdings. Th whl offlodd 46,853 ETH for $138.8 million USDC, followed by n dditionl 12,886 ETH worth $42 million movd to xchngs in rcnt hours. Dspit ths trnsctions, th whl still holds substntil 352,036 ETH, vlud t $1.27 billion, indicting continud profit-tking strtgy whil mintining lrg position.
In contrst, Lookonchin lso rportd tht four nwly idntifid wllts rcntly withdrw combind 12,499 ETH, vlud t roughly $40 million, from Binnc. Such withdrwls typiclly indict long-trm holding strtgy, suggsting confidnc in Ethers futur potntil.
Ethereum Eyes Key Resistance Level
Ethereums pric brok through its dily rsistnc t $2,820 on Thursdy nd is now chllnging its wkly rsistnc t $3,236. As of Mondy, it sits just blow this lvl t $3,182. If it closs bov th wkly rsistnc, th rlly could xtnd by 9.8%, potntilly rching th July 22nd high of $3,562. Howvr, if th wkly rsistnc rmins firm, Ethereum my fc pullbck to its nxt dily support t $2,820.
Anlyst Michl vn d Popp forss rsistnc round $3,200 but rmins optimistic bout Ethereums long-trm growth, supportd by brodr cosystm dvncmnts. Mnwhil, Crypto Ptl, widly followd nlyst, offrs mor bullish outlook, prdicting tht Ether could rch nw ll-tim high of $10,000 in this ongoing bull run.
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Read more: https://www.tronweekly.com/justin-sun-takes-69m-profit-from-ethereum-rally/
Text source: TronWeekly
