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Justin Sun Ethereum Exchange Deposits Continue, ETH Price Drop to $2,800 Soon?
Tron founder Justin Sun continues with his Ethereum exchange deposits moving an additional 29,153 ETH to crypto exchange HTX earlier this. This is one of the several deposits that Sun conducted this year sparking cell-off concerns. ETH price continues to face selling pressure dropping another 2% while moving closer to $3,300, with analysts predicting to $2,800.
Justin Sun Deposits $96.7M in Ethereum to HTX
Tron founder Justin Sun has made substantial deposits to crypto exchange HTX moving another 29,153 ETH worth $96.7 million in the last 11 hours, as per the data from Spot On Chain. On-chain data shows that since November 10, the Tron founder has deposited a total of 227,000 ETH, worth approximately $807 million, to HTX at an average price of $3,556 per ETH. Sun had acquired a majority of these holdings earlier in 2024 at a cost basis of around $3,036 per ETH.
In addition, Justin Sun has initiated the unstaking of 96,580 ETH (valued at $322.7 million) from platforms such as Lido Finance and EtherFi. Analysts suggest these assets are likely intended for further deposits to HTX, indicating continued activity and liquidity management by the crypto magnate.
The recent Ethereum movement by Tron founder has sparked concerns of a major sell-off, however, Sun has denied these rumors calling it a routine part of Ethereum wallet transfers. Interestingly, this ETH movement by Sun coincides with the ETH price drop.
Where Is ETH Price Heading Next?
As we bid adieu to 2024, Ethereum and the broader crypto market have witnessed some selling pressure. ETH bulls have failed to take past the price above the crucial resistance of $3,500 opening the gates for an ETH price drop under $3,000, all the way to its next support of $2,800. As shown in the chart below, Ethereum could be forming an inverse head-and-shoulders pattern wherein it will take a support of $2,800 before reversing the trajectory.
Amid the latest move from Justin Sun’s exchange, popular analyst Charting Guy expects the ETH price to rally all the way to $7,080 by April 2025. Thus, a major rally for Ethereum could kickstart in the first quarter of 2025. Popular crypto analyst Crypto Rover expects the Ethereum rally to start from January 1, 2025, citing the peak of Bitcoin dominance based on historical trends.
As of press time, Ethereum price is trading 1.38% down at $3,340 with a market cap of $402 billion. As per the Coinglass data, the 24-hour liquidations have soared to $38.3 million with $27.52 million in long liquidations.
Bhushan Akolkar
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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The dynamic realm of crypto has closed another week, primarily with remarkable developments unfolding across the broader sector. While Shiba Inu (SHIB) saw remarkable community advancements, Binance unveiled a stockpile of token listings, sparking market discussions. Simultaneously, with the broader market showcasing signs of recovery as 2025 commences, this week proved to be buzzworthy.
So, let’s delve deeper into some of the top crypto market updates reported by CoinGape over the past week.
Shiba Inu (SHIB) Sees Notable Advancements
The renowned dog-themed meme coin Shiba Inu has emerged as the talk of the crypto market this week, witnessing a landmark development followed by constant token burns and a price upswing. The token’s lead developer, Shytoshi Kusama, confirmed that the TREAT token launch lies shortly ahead, sparking considerable optimism across the SHIB ecosystem.
Intriguingly, the launch remains much awaited by community participants, much touted to be a revolutionary endeavor. Simultaneously, the continuous SHIB burn has added to investor enthusiasm surrounding the digital asset. CoinGape spotlighted that the meme coin even eyes 45% gains ahead, primarily against the backdrop of Shiba Inu burn rate surge and strong market trends. Overall, market watchers optimistically eye the token, expecting imminent future gains.
Binance’s Crypto Listings Echo Buzz
On the other hand, crypto exchange giant Binance’s listing chronicles have garnered substantial attention this week. Notably, the leading crypto exchange expanded support for a stockpile of tokens.
CoinGape reported that Binance expanded trade offerings for DOGE, SHIB, and PEPE this week, sparking optimism over the coins’ future prices. Particularly, the platform’s P2P division expanded support for new trading pairs for the mentioned tokens in selected fiat zones across Africa.
Simultaneously, the exchange also unveiled major support for PHA and DF coins this week. Notably, Binance announced new perpetual contracts for Phala Network (PHA) and dForce (DF) tokens with up to 75x leverage, adding to its market chronicles.
Meanwhile, it’s also noteworthy that the exchange secured a major regulatory approval in Brazil this week. Binance has bagged regulatory approval from the Central Bank of Brazil, allowing it to acquire a licensed broker-dealer in the region. Overall, these chronicles have gained significant traction amid the exchange’s rising success, with investors optimistic about the future prices of the mentioned tokens amid enhanced offerings.
Crypto Market Recovery Sparks Hope
Simultaneously, Bitcoin and top cryptocurrency prices have shown signs of recovery as 2025 kicked off, sparking market discussions globally. BTC price witnessed gains worth 3% over the past seven days and closed the week at the $98K level. ETH price witnessed gains worth 8% over the past seven days to close the week at $3,647. Simultaneously, XRP’s price was noted to be up 10% weekly, closing at $2.402. As a response, market sentiments in Q1 2025 remain highly bullish.
Notably, the top cryptos enjoy renewed market interest, as also indicated by recent events. Microstrategy again announced plans to raise up to $2 billion in an effort to purchase more BTC.
Simultaneously, Ethereum whale accumulation amid the recent market dip saw a substantial rise. This saga has added another bullish tint to top crypto prices amid a broader market recovery.
In addition, the Ripple community saw notable developments, with bets of an XRP ETF soaring. CoinGape reported that Polymarket data flagged a 70% probability of a potential Ripple ETF approval in the U.S. This saga has garnered significant optimism toward the leading crypto.
Also, Ripple’s RLUSD stablecoin was recorded flipping its core rivals in 24-hour trading volume this week. Overall, the abovementioned news emerged as some of the most buzzworthy crypto market updates over the past week.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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The popular cryptocurrency platform Coinbase Global Inc. (COIN) will soon release its much-anticipated Q4 report. However, even before that, speculation has begun about the possible impact of this earnings report on the Coinbase stock price, as the company’s performance could significantly affect the prices. Coinbase expert CBduck has also presented some interesting insights, claiming that the COIN price could hit $400.
Coinbase is one of the biggest crypto exchanges, which is gaining massive adoption worldwide. Its adoption and growth/ earnings are key factors determining the stock prices. So, let’s discuss how the Coinbase earnings could impact COIN stock price.
Coinbase Stock Price Looks Promising, $400 Next Target?
After a long downtrend, the Coinbase stock price chart has begun following an uptrend thanks to the upcoming Coinbase earnings announcement. As the Q4 earnings report is due, bullish sentiments have formed for COIN stock performance. More importantly, the charts show the COIN forming the famous cup and handle formation, a highly bullish price pattern.
The COIN stock price currently sits around $270 and has surged nearly 5%, pulling itself out of the long consolidation phase. A breakout above the trendline could confirm the upward momentum, especially if the high trading volume accompanied the price momentum. With that, a Coinbase expert, CBduck.base.eth’s stock prediction, says the COIN stock price could hit $400.
Although the Coinbase stock is showcasing a bullish trend, investors should monitor further price actions and macroeconomic events to analyze the growth potential clearly.
Coinbase Earnings Forecasts
Coinbase has significant positive performance in the Q4 projection, where analysts anticipate the Q4 revenue is projected to be $2.18 billion, a 128.5% increase from the same quarter in 2023. The CBDuck projected EPS (Earnings Per Share) is $6.07, up 432% year-over-year. Interestingly, these numbers are much higher than Wallet Street’s expectation, as that comes at $1.585B in revenue and only $1.13 EPS.
CBDuck eventually claims that the Coinbase stock price is undervalued. He expects it to generate $6.5M in revenue and around $12 EPS in 2024.
So Coinbase $COIN 4Q projection is completed. Have fun!
$2.18B Rev 128.5% increase from 4Q23
$6.07 EPS 432% increase from 4Q23Wall Street expecting
$1.585B Rev and $1.13 EPS
We beat by 37.5% and 437% respectively.For FY24, Coinbase is expected to achieve $6.5B revenue and… pic.twitter.com/JNipuQHgzZ
— CBduck.base.eth 🛡️ (@CoinbaseDuck) January 2, 2025
Bottom Line
Amid the building enthusiasm around the Coinbase earnings report for Q4, the Coinbase stock price is likely to hit $400. This stock price rally will likely be fueled by strong technical indicators, i.e., cup and handle pattern formation. Additionally, analysts like CBDuck anticipate that the crypto platform will outperform most expectations. He says it can achieve a $2.18B revenue and $6.07 EPS, much higher than Wall Street expectations. However, significant factors could become a barrier between the COIN price rally to $400, so careful planning is needed. Interestingly, further clarity is awaited, especially as the base developers are considering launching COIN on the Ethereum L2.
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Cardano founder Charles Hoskinson took to the X platform recently to inform members of the ADA community of what the future holds for Lace Wallet. He hinted at the numerous upgrades planned out for the Cardano-based light wallet platform this year.
The Potential Lace Wallet Upgrades
In his X post, Hoskinson suggested that Lace would make a debut on multiple platforms. This is in addition to the other new and exciting features that the wallet would welcome.
Only a few days ago, the Cardano Founder voiced his optimism on the possibility for Lace Wallet to become a “powerhouse” this year. This was around the time when the wallet announced that its migration of users from Nami to Lace, was in “full swing. ”
Apart from Lace, the Cardano ecosystem is also working on enhancing other solutions within the ecosystem. In November, Hoskinson engaged Ripple’s CTO David Schwartz in a technical discussion around Midnight and XRP.
As a privacy-focused blockchain project, Midnight is designed to enhance secure data handling while also maintaining regulatory compliance. Hoskinson is very positive about Midnight’s potential to drive the evolution of privacy-centric Decentralized Applications (dApps) and further blockchain development.
Their discussion suggests that there may be an impending collaboration between Cardano and Ripple in the near future.
In the case of Voltaire, the Chang Hard Fork upgrade, which ushers this decentralized governance era launched in September. This launch put Cardano’s future in the hands of the community to govern.
Consequently, Hoskinson confirmed that his last duty for the ecosystem “is to remove any roadblock for this transition.” He promised to prevent any bottleneck that will derail the plans this year.
The Cardano Bitcoin DeFi Plans
In addition to the different solutions designed by developers in its ecosystem, Cardano has plans to explore Bitcoin DeFi. There is currently a growing clamor for utility around the flagship cryptocurrency and recent partnerships between Cardano and BitcoinOS to create a bridge for both ecosystems.
So far, the Cardano team has been saddled with the responsibility of coming up with a meaningful Bitcoin roadmap demo by May 2025. To achieve its set goals, Charles Hoskinson stated that Cardano will collaborate with Fair Gate Labs, a Multi Party Computational protocol.
Notably, Cardano price is up 3.4% in 24 hours to $1.07 as investors remain hyped by its upgrades and ecosystem plans.
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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