Cryptocurrency mogul Justin Sun declared Thursday that he won’t dump his Ethereum ETH/USD holdings despite the continued decline in its value.

What Happened: Sun, the founder of the Tron TRX/USD 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.”

Justin Sun is one of the largest cryptocurrency investors, with a portfolio worth more than $994 million, according to data from Arkham Intelligence.  He held 203.175 ETH as of this writing, worth $322,510, while his Lido Staked Ether STETH/USD accounted for $266 million.

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.

See Also: Shytoshi Kusama Introduces ‘Karma’ System To Assess Credibility Of Shiba Inu Users: ‘We Deal With So Many Scams And Scammers’

Meanwhile, another well-known ETH investor, Niels, admitted that the token has been “the biggest disappointment” of this cycle.

Niels noted that major upgrades and institutional adoption have had little impact on the price, and now only quantitative easing by the Federal Reserve and approval of Ethereum staking exchange-traded funds could spark a recovery.

“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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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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