After a huge crash across the cryptocurrency market, top assets such as Bitcoin (BTC) and Ethereum (ETH) are looks recovering. This potential recovery is due to the investor’s interest as they continue buying the dip and doubling their positions.
Has the market bottomed out? Or is this just another bear trap? Let’s dive in.
On August 5, 2024, local blockchain media posted on X (formerly Twitter) that a wallet address “0x5ac” linked to HTX and Tron founder, justin sun 
justin sun
Justin Sun is the founder of Tron and CEO of BitTorrent. He has become quite possibly the most renowned figure in the blockchain space, known for his intricate advertising strategies. He is an ambassador, Permanent Representative of Grenada to the WTO, and a Geneva-based Chinese-Grenadian negotiator, business visionary, an business chief.
He holds a graduate degree in East Asia studies from the University of Pennsylvania and a B.A. in history from Peking University. He studied at Human University and turned into the cover figure of Yazhou Zhoukan in 2011 and Davos Global Youth Leaders in 2014. In 2015 he was named CNTV’s most essential new business person and was named in Forbes China 30 Under 30 from 2015 through 2017.
He put the record-breaking $4.6 million bid to have a private lunch with Berkshire Hathaway CEO Warren Buffett in June 2019, before dropping it to a far-reaching surprise. The lunch with Buffett ultimately happened in January 2020. On 11 March 2021, Sun was the underbidder on the notable $69M auction at Christie’s New York of the Beeple non-fungible token (NFT) assortment Everyday: the First 5000 Days. In October 2021, Sun took part in a $65 million financing round in Animoca.
In December 2021, Sun declared he was the victor of the New Shepard closeout with a bid of $28 million to be the principal paying traveler to fly on the Blue Origin vehicle in July 2021. He couldn’t fly on this July 2021 mission because of a booking struggle. Anyway, he bought (probably with the $28 million sale bid, which he paid to Blue Origin in 2021) secretly a full trip of New Shepard for him and expects to choose five different members to fly with him into space in late 2022. In December 2021, Justin Sun resigned as the CEO of TRON to turn into a negotiator for Grenada. EntrepreneurInvestorCrypto and Blockchain ExpertChief Executive Officer 
, had purchased a substantial 16,236 Ethereum (ETH) worth $37 million.
A Look at Investor Activity
During Asian trading hours, this wallet created and withdrew a notable 38 million USDT from Sun’s cryptocurrency exchange, HTX. The USDT was subsequently used to buy 16,236 ETH at an average price of $2,279.
The post also noted that in the past two days, Sun’s address transferred 210 million USDT to HTX, which was potentially withdrawn today.
Current Market Status
As of now, ETH is trading near the $2,455 level, experiencing a 13% price decline in the last 24 hours. Meanwhile, trading volume has surged by 305% during the same period, indicating high trader and investor activity despite the price crash.
Justin Sun Speaks Out
In a widely noticed post on X during Asian trading hours, Justin Sun refuted rumors about his massive $1.15 billion positions being liquidated. He emphasized that he rarely engages in leveraged trading strategies.
Ethereum: Technical Analysis & Key Levels
Experts suggest that ETH remains bullish despite the recent price crash. Since June 2022, ETH has consistently found support from an upward trendline. During the recent decline, it once again found support from this trendline.
Historically, whenever ETH finds support at this level, it tends to experience a significant upward rally. Investors and traders are hopeful for a similar surge. However, if ETH fails to stay above this trendline and closes below the $2,150 level, it could face substantial downside momentum in the coming days.
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Is Justin Sun’s massive ETH purchase a bullish signal? How are you interpreting this?