Tron (TRX) founder Justin Sun, one of the most important names in the cryptocurrency industry, is widely talked about with his altcoin purchases and sales.
At this point, Sun started selling after the rise in the market, especially Ethereum.
After the Ethereum price recorded a strong rally last week, rising 29% to $3,200, Tron founder Justin Sun sold some of his ETH investment.
According to Spot on Chain’s post, Sun deposited 19,000 ETH (worth around $60.83 million) into HTX at a price of $3,202.
This sale of 19,000 ETH was part of the 392,474 ETH that Justin Sun collected across three wallets between February 8 and August 5.
Sun's average purchase price was reported as $3,027, while its estimated total investment was reported as $1.19 billion.
Considering Sun’s large investment in ETH, this sale is quite small compared to Sun’s total ETH holdings, so experts noted that there is no major concern and risk in terms of price.
Justin Sun (@justinsuntron) appears to be cashing in on $ETH amid the latest market rally!
15 hours ago, he deposited the first 19,000 $ETH ($60.83M) to HTX at $3,202.
This was part of the net 392,474 $ETH he allegedly acquired at an average price of $3,027 (est. cost: $1.19B)… https://t.co/976PXgoJ80 pic.twitter.com/UCNpE0vnVp
— Spot On Chain (@spotonchain) November 11, 2024
How Will Ethereum Price Move?
While Justin Sun has started taking profits on Ethereum, popular analyst Michael van de Poppe noted that the ETH price may face some resistance around $3,200 before further increases.
However, Poppe added that he expects the Ethereum ecosystem to perform better in the coming months.
*This is not investment advice.
