Ethereum (ETH) Shoots up by 29% to Hit $3,200, But Can It Hold On?

Ethereum's been on fire, shooting up by 29% to hit $3,200 over the past week. But with some big players, like Tron's Justin Sun, cashing in on the rally

Ethereum price analysis shows bullish momentum as ETH rallies towards $3,200

After a period of consolidation, the second-largest cryptocurrency by market cap is finally making another move. Ethereum price analysis shows bullish momentum as ETH rallies towards the crucial resistance at $3,200.

Key Points

Ethereum price analysis shows bullish momentum as ETH rallies towards $3,200.

A large sell order of 19,000 ETH is observed, credited to Tron founder Justin Sun.

An early Ethereum investor is seen moving a significant amount of ETH.

Ethereum price analysis: Bulls eye $3,200 as ETH rallies

ETH price rallies towards $3,200 as bulls attempt to push through crucial resistance. After breaking out from the $2,900 level, ETH price analysis shows bullish momentum as the second-largest cryptocurrency eyes a rally towards $3,500.

Ethereum price analysis shows bullish momentum as ETH rallies towards $3,200. Source: TradingView

On-chain data analysis firm Whale Alert recently reported a large sell order of 19,000 ETH, valued at over $60 million, being credited to Tron founder Justin Sun.

As Sun acquired a large portion of his ETH holdings at an average price of around $3,000, this sell order generates an estimated profit of over $69 million from his initial investment, marking an impressive return of 5.69%.

Moreover, an early Ethereum investor, who notably acquired 6,292 ETH during the initial coin offering (ICO) for a total cost of $1,951, is now observed moving 1,555 ETH—valued at approximately $5 million—to Coinbase.

This particular investor initially purchased the said amount of ETH at an average price of $0.31 per coin, highlighting the massive appreciation in its value over the years. At the current market price, their total ETH holdings are valued at over $20 million.

Another large ETH holder, known for their 398,891 ETH stash, is seen selling 46,853 ETH for USDC at a price slightly lower than the prevailing market rate, generating around $138.8 million.

Following this sell order, they are also observed moving an additional 12,886 ETH to exchanges, increasing the total amount being sold to $42 million. Despite these large sell orders, the wallet still holds a substantial 352,000 ETH.

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