Justin Sun Appears Ready to Buy More Ethereum (ETH) Amid Bullish Price Action; Here Are the Next Key Levels to Watch
The root of the recent Ethereum price surge may partially stem from interest from influential figures, such as Justin Sun, founder of TRON. According to on-chain analytics provider Lookonchain, Sun recently deposited 100 million USDT to Binance, sparking speculation of further ETH accumulation.
Sun is suspected of controlling a wallet that purchased over 168,000 ETH worth $580 million from February 12th to the 24th. With Ethereum rallying since Lookonchain estimates his unrealized profit sits around $95 million.
As Sun loads up his war chest with stablecoins, many anticipate further blockbuster buys if ETH corrects.
Ethereum Price Analysis
Ethereum remains in a firm technical uptrend across short, medium, and long-term timeframes according to altFINS, a crypto analytics platform.
The rally has accelerated above $3,040 resistance, with altFINS eyeing $3,600 as the next target – representing 20% upside from the breakout point. However, the powerful 40%+ rally has driven Ethereum into overbought conditions.
With price rapidly approaching formidable resistance at $3,600 combined with overheated technical indicators, altFINS anticipates a brief pullback or consolidation driven by short-term profit taking.
Key Support and Resistance Levels
Previous resistance at $2,960 – $3,040 should now offer initial support. Below that, bulls will look to defend $2,750 if the pullback deepens. On the upside, a break above $3,600 resistance would open the door for a continued rally toward Ethereum’s all-time high around $5,000 – roughly 40% above current prices.
In summary, with figures like Justin Sun just getting warmed up, Ethereum price remains firmly bullish across all timeframe horizons. The main question in the near-term is whether overheated momentum can break above $3,600, or if a short-term pullback manifests first.
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