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The Ethereum price tumbled 2.5% in the last 24 hours to trade for $2,191 as of 11:59 p.m. EST time, with a 33% surge in trading volume.
Despite ETH’s fall, reports indicate that Tron (TRX) founder and Huobi Global advisor Justin Sun is accumulating Ether alongside another whale.
According to data from Lookonchain, Sun and the unnamed whale have accumulated over $182 million worth of Ether in the last two weeks beginning December 26.
Moreover, the blockchain-tracking firm revealed Sun has moved up to $39.2 million worth of ETH from Binance since December 26. The crypto executive was likely transferring it to cold storage custody.
Whales are accumulating $ETH!
Whale"0x9314" spent $48M to buy 21,192 $ETH at $2,265 from the DEX 10 hrs ago, and has bought 79,980 $ETH($143M) since Jan 1.#JustinSun withdrew 11,267 $ETH($25.3M) from #Binance 5 hours ago and 17,433 $ETH($39.2M) from #Binance since Dec 26.… pic.twitter.com/HQloK4pm9n
— Lookonchain (@lookonchain) January 5, 2024
Besides Sun, Lookonchain also highlights venture capital firm Paradigm moving large volumes of Ether to the Coinbase exchange, a move often indicated as an intention to sell in the open market. Cognizant that Paradigm has prowess in acquiring ETH at low prices and selling them when prices are high, the VC could be anticipating a surge in Ethereum price, potentially influenced by news this week on spot Bitcoin ETF approvals.
It seems that #Paradigm deposited 6,500 $ETH($14.67M) into #Coinbase 2 hours ago.#Paradigm is very smart, accumulating $ETH in bear markets and selling $ETH in bull markets.https://t.co/TF3lEGhJvZ pic.twitter.com/XI5LV075iH
— Lookonchain (@lookonchain) January 6, 2024
Ethereum Price Outlook With Investors Poised To Capitalize On ETF-Related Developments
Since the market turned bullish around October 18, Ethereum price has been consolidating within an ascending parallel channel. Movement within this technical formation promises more gains for investors.
For the meantime, the odds still favor the downside, as Ethereum price tests the lower boundary of the ascending channel. The outlook of the Relative Strength Index (RSI) supports the thesis, moving south to show falling momentum. Its position below the 50 level is also concerning, pointing to a low price strength.
The bearish outlook is also corroborated by the red-painted histogram bars, which are already in the negative territory, showing the sellers are populating the market.
If selling pressure increases, Ethereum price could lose the support offered by the lower boundary of the channel, flipping the $2,135 support into resistance. An extended fall could send Ether to the $2,000 psychological level, or lower, the $1,935 support. A break and close below this level would invalidate the big-picture bullish outlook.
In the dire case, the downtrend could see Ethereum price extend a leg lower to the $1,743 support level.
Converse Case
Judging from the trajectory of the Average Directional Index (ADX) indicator, the downtrend for Ethereum price is losing steam, evidenced by the subdued movement of this trend strength quantifier. This could precipitate a move north, depending on how the bulls play their hand.
Increased buying pressure could see Ethereum price rise, breaching the midline of the ascending channel at $2,388. Further north, the gains could see Ether market value extend a neck higher, clearing the range high at $2,445, or in a highly bullish case, record a higher high, likely around the $2,600 level. Such a move would constitute an 18% climb above current levels.
Meanwhile, even as the Tron executive Justin Sun accumulates Ethereum, one cannot help but wonder what his intention is for Sponge V2, the latest meme coin sensation poised to dethrone Pepe.
Promising Alternative To Ethereum
Sponge V2, the latest meme coin sensation, takes the stage as the most promising alternative to Ethereum for turbocharged gains. It is a stake-to-bridge crypto, and among analysts’ top picks for the best meme coins to invest in with potential for exponential growth.
Held by enlightened investors such as Justin Sun, it has the potential for exponential returns on launch. Sun first revealed his intention to trade meme coins in May 2023, and followed through, with the commitment, with a wallet tagged ‘Justin Sun 4’, holding $500 million in crypto assets.
This comprises 108 million SPONGE tokens currently worth approximately $93,000, making him one the largest holders of Sponge even as it bridges off to Sponge V2.
I've decided to begin actively trading meme coins and promising projects through my public address. Please note, I will personally bear all potential losses from these trades, and any profits made will be donated entirely to charity.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 11, 2023
Sponge V2 is only available through the stake-to-bridge mechanism, such that Sponge V1 holders can buy and stake Sponge V2 through the Sponge.vip website’s buy widget. Alternatively, stake the Sponge V1 you already hold through the Sponge.vip website.
https://twitter.com/spongeoneth/status/1736710430888739065
Remember, the more V1 tokens you stake, and the longer you stake them, the more V2 tokens you will earn. You can claim the Sponge V2 tokens once the remaining supply of Sponge V1 is exhausted. This is among the best penny crypto investments for you.
Visit and buy Sponge V2 here.
Also Read:
- Ethereum Price Blasts Past $2,300 While Meme Kombat Skyrockets Above $5m As Meme Coin Whales Buy Big
- No Bs Crypto Reviews Sponge V2 Token – Is This New Meme Coin the Next BONK, COQ or PEPE?
- 100X Meme Coin Sponge Prepares For Second Takeoff With Launch of V2 – Is $SPONGEV2 The Best Crypto to Buy Now?
- Missed the $SPONGE 100x Pump? Take Another Chance with Sponge V2 Token
- Michael Wrubel Reviews the New Play-To-Earn Meme Coin – Can It Follow the Success of $SPONGE?
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