Ethereum, the second-largest cryptocurrency by global market cap, appears to have ignited a torrent of optimism among crypto market traders and investors globally today, April 24. As ETH’s price action illustrated a considerable rebound, followed by heightened whale activity orbiting the token, the eternal Solana rival garnered noteworthy investor attention today, with crypto market participants speculating about the token’s price action ahead.

Notably, TRON founder Justin Sun, a prominent figure within the crypto realm, continued accumulating staggering amounts of ETH, per today’s on-chain data. Meanwhile, whale activity surrounding the token has been burgeoning over the past few days, with bullish sentiments swirling around ETH. Here’s a closer look at why Ethereum curates market optimism with whales buying the token despite its sideways trading over the past few days. 

Ethereum Accumulations Note A Spike, Fuels Market Optimism

According to Lookonchain’s insights, a blockchain data analytics platform, the Justin Sun-linked wallet 0x4359 withdrew 15,389 ETH, worth $49.78 million, from Binance today, April 24, nabbing global attention. This massive accumulation by Sun underscored a heightened sense of confidence in the asset’s future, birthing immediate bullish sentiments for the ETH price trajectory ahead.

Intriguingly, CoinGape Media spotlighted a plethora of ETH whale accumulations yesterday, weighing in on the token’s optimistic take on the market. Per the report, Justin Sun invested a staggering $1 billion in Ethereum yesterday, further anchoring the TRON founder’s confidence in the asset. This, coupled with the rising Ethereum whale accumulations, paints a highly bullish outlook for Ethereum’s price action ahead.

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Ethereum Price Jumps

As of writing, the Ethereum token’s price has been noted to have gained 1.67% in the past 24 hours and is currently trading at $3,242.  The ETH market cap sprung 1.58%, accompanied by a 24-hour trading volume upswing of 2.16%, amassing slight optimism on the token.

This price rebound showcased by ETH primarily aligns with the colossal accumulations recorded in the past few days, as mentioned above. However, derivatives data for the token signals reduced investor interest and market activity for the token, underscoring a potential downtrend for Ethereum in the market as of press time. Coinglass revealed a 0.39% dip in the token’s open interest, accompanied by a derivatives volume fall of 2.88%.

This painted an uncertain scenario surrounding ETH’s price action ahead, as bulls or bears may take over the token at any moment in the future. Nonetheless, with post-BTC halving optimism, further accompanied by significant whale accumulations, crypto market enthusiasts continue to extensively eye the token, hoping to see a rising price action ahead.

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The post Ethereum Price Jumps As TRON Founder Justin Sun Accumulates 15K ETH, What’s Next? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am