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 lately, as the ex-Tron CEO predicted accurate market tops. However, he is not stopping and is providing more insight by moving $50 million to Binance. The last time it did this, Ether rose 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.
The link between Sun and Ethereum is clear as the developer and an official Huobi advisor have been completely buying and selling assets on the market for the past year. On absolute top, Sun sold 340,000 ETH, making a huge profit just before a major crash. When Ethereum bottoms out, he is making small transfers below 50,000 ETH, gradually reducing 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.
Ethereum’s accumulation could signal a possible reduction 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 brought Ether to $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.
