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In the past seven days, Ethereum’s price has decreased from the $4,000 level it recently reached in the ongoing bull run. ETH plunged to a low of $3,127 in earlier trading, triggering anxieties among investors that it could slip below the $3,000 support level. All these happened as a However, the altcoin has rebounded well and climbed to $3,458 before recording corrections. As of this writing, Ethereum is Speaking about the rumors and addressing the fears, the Tron founder clarified that the recent transfers were not liquidations but inter-wallet movements. Sun restated his long-term bullish stance on the Ethereum ecosystem.
The rumors circulating online about us liquidating ETH are false. This is simply a transfer of ETH between our different wallets. We remain long-term bullish on the Ethereum ecosystem.Sun’s message has reassured the market and could help calm the nerves of investors and traders alike. Some have attributed the recent price volatility to uncertainty in some quarters of the market.Meanwhile, experts predict that Ethereum’s price indicates a bottom formation with a strong rally ahead.
However, they maintain that for Ethereum to retest the $4,000 price mark, it must breach the $3,540 resistance level. CryptoQuant sees a possible climb ofGodfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments.
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