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Ethereum Price Forecast: Justin Sun Buys $5 Million In ETH Ahead Of Ethereum ETF Approvals As Investors Rush To Buy This P2E Token As Listing Nears

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Ethereum price
Ethereum price

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The Ethereum price rose 1% in the last 24 hours to trade at $3,109 as of 03:48 a.m. EST on trading volume that dropped 2% to $13.5 billion.

This comes as data from Spot on Chain shows that Tron founder Justin Sun invested $5 million to acquire 1,614 ETH, bringing his accumulation of ETH to 362,751 since February 8 via three wallets for an estimated total investment of $1.1 billion.

The on-chain data provider also reported that Sun has deposited $45 million to Binance, hinting at future Ethereum acquisitions.

The purchases come ahead of expected spot Ether ETF (exchange-traded fund) approvals, which Bloomberg Intelligence analyst Eric Balchunas expects by July 18.

The rising interest from investors has pushed the price of ETH up from as low as $2,883 at the beginning of July to rise through a rising channel to the $3,126 resistance zone, according to data from GeckoTerminal.

Ethereum Price Set To Surge Over The Rising Channel

Ethereum Price Chart Analysis Source:
ETHUSD Chart Analysis Source:

The Ethereum price has recently surpassed both the 50-day and 200-day Simple Moving Averages (SMA), with the 50-day SMA crossing over the 200-day SMA to form a golden cross at $3,084. 

This bullish signal has sparked increased buying activity from ETH investors, as evidenced by the Relative Strength Index (RSI) rising above the 50-midline level and approaching the 70-overbought region.

Investor interest is growing in anticipation of the Ether ETF approval, which could drive Ethereum’s price higher within the rising channel pattern. The bullish sentiment, bolstered by the golden cross and rising RSI, sets a target of $3,400. 

Additionally, the recent classification of Bitcoin and Ethereum as commodities by CTFC Chairman Rostin Behnam in Illinois may end the ongoing debate over whether they are securities, adding further positive sentiment to the market.

However, if the bears gain control, Ethereum’s price could see a slight decline to the next support level at $2,969. 

As the Ethereum price prepares for take off, investors are rushing to invest in the eTukTuk (TUK) presale before it ends in less than 4 days.

eTukTuk Presale Garners Over $3.5 Million – Less Than 4 Days Left 

eTukTuk has launched the innovative play-to-earn game called Crazy Tuk Tuk Taxi in which players drive an electric tuk-tuk through the bustling streets of Sri Lanka

Inspired by the classic game Crazy Taxi, players pick up and drop off passengers as quickly as possible to earn rewards. The game offers opportunities to upgrade vehicles, unlock new cities, and experience various adventures.

By participating in the presale, players can gain early access to exclusive in-game rewards and unique upgrades. This game combines the excitement of fast-paced driving with the benefits of earning real rewards while enjoying the gameplay.

The game has already garnered over 3,000 new downloads and continues to grow in popularity. You can download the game via the App Store or Google Play Store.

Apart from P2E gaming, the project aims to contribute an eco-friendly future of transportation, first in developing nations, and then worldwide, by rolling out electric tuk tuks and electric vehicle charging stations. 

According to Jacob Bury, a prominent crypto analyst on YouTube, $TUK could potentially surge 10X after its launch.

The TUK token is priced at $0.0345. With less than four days remaining before the token sale ends, now is the perfect time to purchase it ahead of its listing. 

You can buy TUK tokens using ETH, USDT, BNB, or a credit or debit card.

Visit the official eTukTuk website to make your purchase.

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