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The Ethereum price jumped 12% in the last 24 hours to trade at $2,505 as of 03:18 a.m. EST on trading volume that dropped 30% to $39 billion.
This development follows Tron founder Justin Sun’s decision to buy the dip, purchasing 14,884 ETH worth approximately $36 million from the leading cryptocurrency exchange Binance, according to data from blockchain analytics platform Spot On Chain.
Justin Sun (@justinsuntron) withdrew 14,884 $ETH ($35.97M) from #Binance 10 hours ago!
This brought the total amount of $ETH he accumulated since Feb to 392,474 $ETH (est. cost: $1.19B, now worth: $995M).
Note that Justin Sun also deposited a net amount of 49M $USDT to #HTX in… pic.twitter.com/43dHfK4U74
— Spot On Chain (@spotonchain) August 6, 2024
Rumors had initially circulated that Sun had liquidated his positions after the Bitcoin price dipped to $49,781, but Sun confirmed that such rumors were false.
The rumors about our positions being liquidated are false. We rarely engage in leveraged trading strategies because we believe such trades do not significantly benefit the industry. Instead, we prefer to engage in activities that provide greater support to the industry and…
— H.E. Justin Sun 孙宇晨 (@justinsuntron) August 5, 2024
Ethereum Price Set For A Continued Rally
The Ethereum price is recovering well below the falling channel pattern after hitting the $2,200 support level yesterday, according to data from GeckoTerminal.
The ETH bulls aim to push the token’s price above the channel’s upper boundary as the Relative Strength Index (RSI) rebounds from below the 30-oversold level to currently trade at 52. With the RSI soaring, it is evident that buyers now have the upper hand, which could push the price of Ethereum higher.
Moreover, the Moving Average Convergence Divergence (MACD) is also rebounding toward the neutral line and still soaring, which could signal a rising momentum. The blue MACD line also crosses above the orange signal line, forming a bullish crossover, affirming the continued bullish stance.
The Ethereum price analysis on the 1-hour chart indicates a sustained bullish reversal, as the bulls aim to push the Ethereum price further above the falling channel pattern. If investors take advantage of the recent surge, the price of Ethereum could rally above the channel as the bulls target $3,350.
However, in an inverse scenario, if the bears take control of the price here, ETH could correct back to the $2,200 support zone.
As the Ethereum price recovers, meme coin lovers are diversifying their portfolios with a new PEPE derivative called Pepe Unchained (PEPU), which has garnered over $7.4 million in its ongoing presale.
The YouTube channel 99Bitcoins, with more than 706k subscribers, says PEPU offers ”insane rewards” and urges investors not to ”miss out.”
Pepe Unchained Raises Over $7.4 Million – Best Meme Coin To Buy Now?
Pepe Unchained aims to follow the success seen by its predecessor, PEPE, which has delivered mind-blowing returns to early investors.
As its name suggests, Pepe Unchained aims to free Pepe from his old, clunky, Layer-1 server room. The project will thus run on its own proprietary Ethereum Layer 2 blockchain.
Who needs some Brain Powder?
Pepe is gearing up for the official launch of his very own blockchain! 🚀 pic.twitter.com/kZC72UmxFy
— Pepe Unchained (@pepe_unchained) June 20, 2024
Pepe Unchained aims to tackle the scalability, speed, and efficiency issues that often plague meme coins built on the Ethereum Layer-1 blockchain.
Token holders can also earn passively through the platform’s staking system, which offers an annual percentage yield (APY) of 263%.
You can buy $PEPU tokens for $0.0089105 each. With a price hike coming in about a day, buy soon to lock in the best deal.
To join the presale, buy $PEPU from the official website here using ETH, USDT, or a bank card.
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