Ethereum may break out of consolidation as suspected Justin Sun wallet enters buying spree

Ethereum could see a brief rally after posting a similar price movement that resulted in a previous high. Two wallets suspected to be owned by Justin Sun have been buying Ethereum heavily. Ethereum ETP outflows in April hit $85 million. Ethereum's recent price movement hints at a potential rally despite ETH ETPs recording outflows. The recent price improvement follows the fourth Bitcoin halving and a suspected Justin Sun wallet purchasing large numbers of ETH.

— Nate Geraci April 21, 2024 Technical analysis: ETH may see a brief rally, halving may not trigger bull run Ethereum is showing signs of a potential upswing on Monday after a successful fourth Bitcoin halving on Friday. While ETH is still consolidating, it has posted similar movements to its April 5 to April 8 price pattern. ETH/USDT 4-hour chart ETH recorded a three-week high of $3,730 on April 8, following the move.

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