Justin Sun, Tron founder and a prominent figure in crypto, has issued a statement dismissing the rumored accusations of liquidating his Ethereum (ETH) accounts. The clarification comes amid concerns that he is transferring his holdings for sell-off. Ethereum has been over 13% low in the last 7 days, hence the rumor regarding his recent transfers. 

In a statement posted on his X page, Sun clarified that the transfers were merely internal. He added that he is still bullish on Ethereum despite recent price actions. 

Justin Sun’s Influence in the Crypto Industry 

Sun has been scrutinized several times, often because of his influential discussions in the cryptocurrency industry. Like Elon Musk, the Sun is seen to possess a similar influence. 

As reported by Spot on Chain, the TRON founder moved 39,999 $ETH worth $143M from Etherfi and Lido Finance to HTX. Sun has deposited 108,919 $ETH to HTX since Nov. 10, 2024. He has made these deposits at an average price of $3,674, and all transfers are often done near local peaks.

Sun’s recent affirmation to clear up the rumor about liquidating his ETH accounts has been taken positively by the crypto community. The clarification by Sun has cleared the fear, uncertainty, and doubt (FUD)that has been experienced in the market since the rumor surfaced. Justin Sun currently has 42,904 $ETH worth $139 million. 

Sun’s Previous ETH Liquidation Rumors

The recent ETH liquidation rumor is not the first one Justin Sun has had to address. On Aug. 5, 2024, for instance, he took to his X page to clarify on allegations of his ETH liquidation which triggered an Ethereum price drop. 

“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, his post read. 

Sun further added that he only engages in activities that benefit the entrepreneurs and the industry in general. These activities include staking, running nodes, working on projects, and helping project teams provide liquidity. On-chain data as of then backed Sun’s argument indicating that he had not sold a huge chunk of his ETH holdings accumulated since February this year. 

ETH Price Amid Sun’s Liquidation Allegations

According to live data on Coinmarketcap, Ethereum (ETH) is currently trading at $3,453.04, a 13.76% down in the last 7 days. However, the coin’s trading volume is at $28.64 billion indicating a 4.58% reduction in the last 24 hours. Ethereum also has a $416.36 billion market capitalization indicating bearish sentiment in the market. 

Analysts have compared the recent Ethereum price action to the 2020 price action. Some of the analysts have predicted that ETH could be bullish in the near future. A popular analyst Javon Marks shared that ETH is showing an “Adam & Eve Double Bottom Pattern.” The pattern often indicates a potential bullish reversal. 

According to Javon, this could see the price of Ethereum (ETH) hit above the $4,000 level. However, ETH’s primary target still stands at $4,800 level. While Ethereum continues to fight off volatility challenges, Sun’s statement restores confidence in investors.