- Five crypto wallets likely belonging to Justin Sun withdrew 9,018 ETH worth $29.2 million
- Ethereum (ETH) could soar by 17% to hit the $4,100-level in the future
Ethereum (ETH), the world’s second-largest cryptocurrency by market cap, has maintained its position above a crucial price level. By doing so, it has continued to attract interest from investors and long-term holders.
At the time of writing, ETH was trading near $3,380, following a hike of over 4.80% in just 24 hours.
Donald Trump and Justin Sun on a buying spree
On 24 January, SpotOnChain, shared that crypto whales, including President Donald Trump and Justin Sun, purchased significant amounts of ETH during its latest dip.
According to the same, Trump’s World Liberty recently purchased 3,079 ETH worth $10 million, significantly increasing its ETH holdings. The data further revealed that they have accumulated nearly 32,994 ETH worth $109.9 million in the last four days alone, bringing their total holdings to 74,228 ETH.
Meanwhile, five crypto wallets likely belonging to Justin Sun deposited a significant 29.2 million USDT to HTX and withdrew 9,018 ETH at an average price of $3,237.5. The post on X also highlighted,
“Justin Sun seems focused on reforming the Ethereum Foundation, aiming to push ETH to $10k.”
$51.80 million ETH outflows
In addition to these industry giants, investors and long-term holders also seem to be accumulating the token. This was highlighted by Coinglass’s latest finding.
Data from the spot inflow/outflow metric revealed that exchanges have seen outflows of ETH worth $51.78 million in the last 24 hours. This hinted at potential accumulation and an ideal buying opportunity going forward.
Source: Coinglass
Worth pointing out, however, that this rising interest from crypto whales and investors emerged during a period when ETH appears to be consolidating within a tight range.
Technical analysis and price action
According to AMBCrypto’s analysis, ETH formed a bullish falling wedge price action pattern. However, it seemed to be consolidating within a tight range between $3,200 and $3,500, potentially due to recent profit booking.
Source: Trading View
However, at press time, ETH still looked poised for a breakout. And, if the price breaks out of the consolidation range, it will have successfully breached the falling wedge price action pattern. If ETH closes a daily candle above the $3,510-level, it could soar by 17% to hit the $4,100-level in the future.
The altcoin’s Relative Strength Index (RSI) stood at 50 too, indicating the asset has the potential to rally and show a price reversal from this level.
