Recent events have raised speculations about Justin Sun, a prominent figure in the crypto sphere, acquiring a significant amount of Ethereum (ETH). On-chain data provider Lookonchain has identified a wallet with suspicious activities that are believed to be linked to Sun. Since April 8, this wallet has reportedly purchased 127,388 ETH, equivalent to $405.19 million.

Interestingly, the wallet deposited 787 million USDT to Binance on the Tron network starting from March 31. On the same date, a mysterious wallet emerged on the Ethereum blockchain, withdrawing $96.8 million in stablecoins from Binance. This wallet then began purchasing ETH from both Binance and decentralized exchanges, accumulating a total of 127,388 ETH valued at $405.19 million.

These activities are reminiscent of a wallet previously linked to Sun, which acquired 168,369 ETH valued at $487 million between February 12 and February 24. If these wallets indeed belong to Sun, his ETH holdings would amount to a considerable 295,757 ETH, valued at $891 million, acquired at an average price of $3,014 from Binance and decentralized exchanges since February 12.

As of now, the Ethereum price is up by 1.58%, trading at $3,226 with a market cap of $387 billion. The ETH/USD pair's hourly charts show a significant breakthrough, with Ethereum surpassing the $3,190 mark and staying above the 100-hour Simple Moving Average, indicating a bullish outlook. Initial resistance is at $3,200, with further barriers at $3,250 and $3,280. Overcoming these hurdles could potentially push Ethereum towards $3,350 and beyond.

However, a failure to breach the $3,250 resistance could lead to a downtrend. In such a scenario, critical support is expected around $3,150. A more significant decline below the $3,120 level and the 100-hour SMA could intensify selling pressure, potentially driving prices towards $3,020 and even as low as $2,965.