Institutional interest in Ethereum is reportedly heating up, according to the on-chain analytics platform Spot On Chain. Recently, five wallets, potentially belonging to a single entity, made significant transactions involving Ethereum and USDT.
Overview of Ethereum Transactions
In the past 19 hours, five wallets, likely belonging to a single entity, deposited $29.2 million in USDT to HTX (formerly Huobi) and withdrew 9,018 ETH at an average price of about $3,237.50 during the recent market dip.
Complex Strategy and Potential Role of Justin Sun
These transactions appear strategically planned: the USDT were withdrawn from HTX on November 20, 2024, nearly two months before being deployed for Ethereum purchases. Rumors link these actions to Justin Sun, the founder of TRON, known for his efforts to reform the Ethereum Foundation and ambition to see ETH reach $10,000. However, his involvement remains unknown.
Analysis of ETH Price Action
Ethereum continues to rebound from January 23, reaching intraday highs of $3,428. ETH is up 5.49% in the last 24 hours, reflecting bullish market sentiment. The recent rise correlates with the issuance of a crypto-related executive order, which establishes a working group to propose new digital asset regulations. On the upside, a break and close above the 50-day SMA would show buyers returning to the market, which could push ETH to $3,745. Conversely, the daily SMA at $2,984 remains key support. If broken, the ETH price might decline to $2,850.
Recent developments in Ethereum demonstrate rising institutional interest and complex investment strategies. Attention also turns to influential figures like Justin Sun. However, it's yet to be seen how these factors will impact future ETH price movements.