Justin Sun Appears Ready to Buy More Ethereum (ETH) Amid Bullish Price Action; Here Are the Next Key Levels to Watch

2024-3-1 22:30

The root of the recent Ethereum price surge may partially stem from interest from influential figures, such as Justin Sun, founder of TRON. According to on-chain analytics provider Lookonchain, Sun recently deposited 100 million USDT to Binance, sparking speculation of further ETH accumulation.

Sun is suspected of controlling a wallet that purchased over 168,000 ETH worth $580 million from February 12th to the 24th. With Ethereum rallying since Lookonchain estimates his unrealized profit sits around $95 million.

As Sun loads up his war chest with stablecoins, many anticipate further blockbuster buys if ETH corrects.

Ethereum Price Analysis

Ethereum remains in a firm technical uptrend across short, medium, and long-term timeframes according to altFINS, a crypto analytics platform.

The rally has accelerated above $3,040 resistance, with altFINS eyeing $3,600 as the next target – representing 20% upside from the breakout point. However, the powerful 40%+ rally has driven Ethereum into overbought conditions.

With price rapidly approaching formidable resistance at $3,600 combined with overheated technical indicators, altFINS anticipates a brief pullback or consolidation driven by short-term profit taking.

Key Support and Resistance Levels

Previous resistance at $2,960 – $3,040 should now offer initial support. Below that, bulls will look to defend $2,750 if the pullback deepens. On the upside, a break above $3,600 resistance would open the door for a continued rally toward Ethereum’s all-time high around $5,000 – roughly 40% above current prices.

In summary, with figures like Justin Sun just getting warmed up, Ethereum price remains firmly bullish across all timeframe horizons. The main question in the near-term is whether overheated momentum can break above $3,600, or if a short-term pullback manifests first.

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The post Justin Sun Appears Ready to Buy More Ethereum (ETH) Amid Bullish Price Action; Here Are the Next Key Levels to Watch appeared first on CaptainAltcoin.

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