By lutch 
Tron founder Justin Sun has publicly refuted claims suggesting he was selling off his Ethereum holdings. Amidst speculation that could have influenced market sentiment, Sun clarified via his X posts that the movements of Ethereum (ETH) from his wallets were merely transfers and not sales, thereby denying any involvement in a selloff.
This statement comes at a time when Ethereum’s price has shown signs of recovery, bouncing back by 2% above $3,400 and showing potential for a rally towards the $4,000 mark. Sun emphasized his long-term bullish stance on the Ethereum ecosystem, stating, “The rumors circulating online about us liquidating ETH are false. This is simply a transfer of ETH between our different wallets.”
On-chain data had previously highlighted significant deposits to HTX (formerly Huobi), leading to rumors of Sun liquidating his Ethereum. However, Sun’s clarification aims to dispel these concerns, potentially stabilizing the market sentiment around ETH. Despite these movements, Ethereum has been outperforming Bitcoin, with the ETH/BTC pair signaling a possible bullish trend for Ethereum.
Market analysts are now closely watching Ethereum’s price action, particularly as it approaches key resistance levels. Breaking past $3,542 could confirm a more substantial rally, potentially pushing ETH towards $5,000. This scenario is supported by technical analysis suggesting a bottom formation and strong market fundamentals, including the anticipation of further developments in the Ethereum network.
The denial from Sun might serve to calm the market, reducing selloff fears and fostering a more positive outlook for Ethereum among investors. As the crypto market continues to navigate through volatility, clear statements from influential figures like Justin Sun can significantly impact market dynamics.
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