CandleFocus

9,018 ETH in 19 Hours, But What's Behind It?

9,018 ETH in 19 Hours, But What's Behind It?
Institutional interest in Ethereum (ETH) appears to be increasing as five wallets, suspected to belong to one entity, deposited $29.2 million in USDT to the HTX exchange and withdrew 9,018 ETH during a recent market drop. Interestingly, the USDT had been idle for two months before being deployed for this Ethereum accumulation spree. Speculation points to Justin Sun, the founder of TRON, as a potential figure involved in the transactions. Ethereum's price has rebounded and reached an intraday high of $3,428, reflecting positive sentiment in the market. A break above the 50-day SMA could indicate a return of buyers, potentially driving ETH to $3,745, while a break below the daily SMA 200 at $2,984 could cause a drop to $2,850.

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