Cryptocurrency mogul Justin Sun declares he won't dump his Ethereum ETH/USD holdings despite the continued decline in its value.

Sun, the founder of the Tron TRX/USD blockchain, expressed a strong conviction for the second-largest cryptocurrency in an X post.

Crypto mogul Justin Sun said Thursday that he won't be dumping 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 commitment 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 stated.

Instead, Tron was looking to collaborate with more Ethereum developers to "build the industry together."

ETH is currently at a low price, but we have no intention of selling our ETH holdings. Tron will continue to seek opportunities to collaborate with more Ethereum developers and build our industry together.

Sun is one of the largest cryptocurrency investors, with a portfolio valued at over $994 million, according to data from Arkham Intelligence. He held 203.175 ETH, which was trading at $322,510, and 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.

$ETH Price extremely compressed. Has not really moved for the better part of 2 days.This kind of price action usually precedes a large move. Just got to wait for the break to either direction.

Another well-known ETH investor, Niels, admitted that the token has been "the biggest disappointment" of this cycle.

Major upgrades and institutional adoption 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, according to the investor.

"If these 2 things happen this cycle, $10,000 ETH is programmed," he added.

$ETH is now at its most crucial support zone.Despite being one of my holdings, I'm admitting that ETH has been the biggest disappointment of this cycle.

ETF approval, major upgrades, and institutional adoption have helped very little, and prices are now back to 2018 levels

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

Moreover, 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.