Key Points
- Justin Sun, Tron founder, remains bullish on Ethereum despite a 20% dip in the last 30 days.
- Sun signals potential collaborations between Tron and Ethereum developers to foster blockchain growth.
Justin Sun, the founder of Tron, has made it clear that he has no plans to sell his Ethereum holdings, despite the cryptocurrency’s 20% dip in the last 30 days.
In a public statement, Sun expressed his long-term faith in Ethereum and hinted at potential collaborations between Tron and Ethereum developers. This partnership aims to drive the growth of the blockchain industry.
Justin Sun’s Investment in Ethereum
Reports suggest that Sun personally holds around 665,000 ETH, currently valued just under $1 billion. This is a significant drop from its estimated peak value of $2.5 billion.
Despite this massive markdown, Sun remains steadfast in his decision to hold onto his Ethereum, pushing back against growing market fears and a trend of whales offloading ETH in large quantities.
Ethereum’s Current Challenges
While Sun remains bullish, the Ethereum network is facing its own set of challenges. Daily active address metrics are volatile, with data showing a year-over-year decline of over 11%, down to roughly 450,000 active addresses as of mid-April.
Though temporary spikes have occurred, occasionally breaching the one-million mark, the broader picture suggests a fading momentum in consistent user interaction.
Another key indicator of the current Ethereum slowdown is the plunge in gas fees, now at their lowest since 2020. According to Santiment, average transaction fees have dropped to just $0.168, a clear reflection of reduced network demand.
Ethereum Price Analysis
The daily Ethereum chart shows a downtrend that began in mid-December 2024 and has persisted into April 2025. Also, a potential descending wedge pattern has been forming since around mid-February 2025.
This pattern, characterized by converging lower highs and lower lows, is generally considered a bearish continuation pattern. The more likely future would be ETH breaking down below the lower trendline of the wedge.
Technically, if a breakdown occurs around the current price level of $1575, a potential target could be in the range of $975 ($157-$600).
On the other hand, a bullish case could see ETH breakout above the upper trendline of the descending wedge with strong buying volume. A potential initial target could be the resistance level around the previous swing high near $2200-$2400.
Meanwhile, the Relative Strength Index (RSI) currently reads around 36.31 suggesting that bears are dominating with the gradient of the line suggesting continued sideways movement until volume surges.
The Balance of Power indicator, which aims to measure the strength of buying and selling pressure, currently sits at -0.49. The negative value indicators that sellers have been in control of the price action.
