ETH Coin Price Predicted to Increase by 50% After Justin Sun Buys It Up?

Bittime - The latest developments in the Ethereum market indicate a potential price increase of 50%, supported by strategic purchases and bullish technical indicators.

Justin Sun, a prominent figure in the crypto space, recently invested $5 million in Ethereum, adding to the positive market sentiment.

Justin Sun's Significant Ethereum Investment

Justin Sun, who is known for his role in the TRON ecosystem, has made a large purchase of Ethereum. 

Justin Sun's ETH Purchase According to Spot On Chain

Sun purchased 1,614 ETH at around $3,097 per token, worth a total of $5 million. The transaction reportedly occurred just 12 hours before the announcement.

Additionally, since February 8, Sun is believed to have acquired a total of 362,751 ETH, with an estimated value of $1.11 billion, using three different wallets. The average price for these purchases was around $3,047 per ETH. 

Additionally, Sun recently deposited 45 million USDT into Binance, indicating potential future Ethereum purchases.

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Bullish Technical Indicators for Ethereum

Coinpedia analysis on TradingView reveals some bullish signals for Ethereum. The asset recently rebounded from the crucial support level of $2,850 or Rp 46,130,812.50, indicating the possible start of a new bullish cycle. 

This increase coincides with a failed double top formation on the weekly chart, with the neckline at $2,844 or Rp. 46,033,695.00.

The neckline also aligns with the 50% Fibonacci retracement level, reinforcing its significance as a support zone. The weekly Relative Strength Index (RSI) is currently below the midpoint, but a reverse divergence suggests a potential uptrend.

Market Sentiment and Liquidation

Recent market activity shows a shift in sentiment in favor of bulls, with total short-side liquidations totaling $52 million, indicating a weakening of bearish control over Ethereum. 

This shift, coupled with technical indicators, indicates increasing momentum for upward price movement.

Additionally, the MACD indicator is showing a negative crossover, resulting in a bearish histogram. However, this scenario often precedes a potential reversal, further supporting the bullish outlook for Ethereum.

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Ethereum Market Position and Future Catalysts

Currently, Ethereum is trading at $3,098.71, up slightly by 0.18% in the last 24 hours. Its market cap stands at around $370 billion, maintaining its status as the second-largest cryptocurrency by market value.

Going forward, the anticipated listing of an Ethereum ETF could act as a significant indicator for price appreciation. 

Combined with the current technical setup and positive market sentiment, these developments support a potential 50% increase in Ethereum price.

How to Buy Crypto with Bittime

You can buy and sell crypto assets easily and safely through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed your identity verification. Also, make sure you have sufficient balance by depositing some funds into your wallet. Just so you know, the minimum asset purchase on Bittime is IDR 10,000. After that, you can make crypto asset purchases in the application. 

Monitor the price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.