Cryptocurrency mogul Justin Sun declared Thursday that he won’t dump his Ethereum (CRYPTO: ETH) holdings despite the continued decline in its value.
What Happened: Sun, the founder of the Tron (CRYPTO: TRX) blockchain, expressed a strong conviction for the second-largest cryptocurrency in an X post.
“ETH is currently at a low price, but we have no intention of selling our ETH holdings,” the cryptocurrency entrepreneur wrote.
Instead, he stated that Tron was looking to collaborate with more Ethereum developers to “build the industry together.”
Ethereum has been a major cryptocurrency laggard this year, plunging more than 52% year-to-date. The mega-cap token was currently trading 60% below its December highs.
In the last two days, however, it has traded sideways with little volatility.
“This kind of price action usually precedes a large move. Just got to wait for the break to either direction,” Daan Crypto Trades, a widely followed cryptocurrency trader, predicted.
Meanwhile, another well-known ETH investor, Niels, admitted that the token has been “the biggest disappointment” of this cycle.
“If these 2 things happen this cycle, $10,000 ETH is programmed,” Niels said.
Price Action: At the time of writing, ETH traded at $1,588.02, down 0.37% in the last 24 hours, according to data from Benzinga Pro.
The Open Interest in ETH futures rose 2.11% in the last 24 hours, according to Coinglass. Additionally, more than 50% of Binance traders with an active ETH contract were positioned short as of this writing.
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