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Justin Sun’s Mega Withdrawal – What’s His Plan?

Justin Sun, the creator of the cryptocurrency TRON (TRX), initiated a withdrawal of 80,251 Ethereum (ETH) tokens this past Wednesday, as reported by Lookonchain. This move has raised concerns among ETH investors, sparking fears that Sun might be preparing to offload a significant amount of ETH, potentially causing its value to plummet.

Up to now, Sun has taken out approximately 43,000 ETH, moving them to Binance. The current market value of the withdrawn Ethereum stands at about $70 million based on data from blockchain monitoring services.

Recent movements show ETH striving to maintain its value above the $1,645 mark, especially after it slipped below this level on October 4th, 2023. At the moment, the cryptocurrency has surged past its 20-day EMA line.

If Ethereum can sustain its value above this critical point in the upcoming two days, its price might escalate to around $1,755 in the succeeding week, provided the demand remains strong. In a highly optimistic forecast, ETH could potentially soar to nearly $1,880 in the weeks ahead.

However, if Ethereum fails to maintain above the $1,645 mark, it may fall below its 20-day EMA, currently at $1,639.54. Such a decline might put Ethereum in jeopardy of further devaluation, possibly going down to around $1,555.

Investors should be aware of a possible positive technical indicator, as a bullish flag seems poised for activation. The daily RSI is on the verge of surpassing the daily RSI SMA line, hinting at increasing buying momentum. This development may set the stage for a bullish short-term outlook, with Ethereum potentially reaching the $1,755 resistance. Confirmation of this positive trend might be an RSI crossover accompanied by Ethereum closing above the $1,645 mark.

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Tommy Crush

Tommy is a dynamic and promising voice in the world of cryptocurrency writing, with a year of dedicated experience that has already left a significant mark. Born with an innate curiosity and a passion for emerging technologies, Tommy quickly found their niche in the thrilling realm of digital currencies and blockchain technology. His journey into the world of cryptocurrencies began as a personal exploration, but it wasn't long before they realized their talent for translating complex concepts into accessible, engaging prose. In just a short span of one year, Tommy has become a trusted source for readers seeking clear and insightful explanations of the ever-evolving crypto landscape. They have a remarkable ability to break down intricate blockchain mechanisms, decentralized finance (DeFi) protocols, and the latest trends in the market, making this complex subject matter approachable to both newcomers and experienced enthusiasts. Tommy remains committed to providing readers with accurate, insightful, and well-researched content that demystifies the world of cryptocurrencies. With an insatiable hunger for knowledge and a genuine passion for the subject matter, He is poised to be a driving force in shaping the future of crypto journalism. In their spare time, Tommy enjoys watching football, read news and believes in the power of blockchain technology to revolutionize industries far beyond finance. With a bright future ahead, Tommy invites you to join them on their crypto journey as they continue to explore, learn, and share their insights with the world.
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