Ethereum (ETH) in ‘Most Compelling’ Point for a Massive Price Rally, Says Top Crypto Strategist

A closely followed crypto analyst says Ethereum (ETH) is trading at a point where the reward far outweighs the risk.

Pseudonymous analyst Light tells his 146,000 Twitter followers that leading smart contract platform Ethereum looks poised to regain its bullish momentum after its steep correction from the all-time high of $4,800.

“ETHUSD long here is the most compelling spot since the November top. Down 40%+ with a low established at $2,200. so you’re not catching as much of a knife. [Bitfinex] billionaire bid tailwind. Idiosyncratic strength when everyone is in Ukraine myopia If there’s a long, this is it.”

Source: Light/Twitter

Looking closer at the activity of Bitfinex whales, Light says deep-pocketed Ethereum investors are building massive long positions on the crypto derivatives exchange.

“Everyone larping like they’re at model UN. Meanwhile, Finex whales don’t play. 45,000 ETH added in last two hours.”

Image
Source: Light/Twitter

At time of writing, 45,000 ETH is worth over $117.90 million.

In November, Light also noticed that a massive Ethereum whale closed $2 billion worth of ETH margin longs, which eventually marked the top for second-largest crypto by market cap.

“Everyone is happy, fat, and complacent as suckling pigs. Unnoticed as they suckle on the teat of alts – the Ethereum Foundation shipped $90 million to Kraken to sell and the Bitfinex whale claimed $2 billion in ETH margin longs, most likely with the intent to quietly exit stage left.”

Image
Source: Light/Twitter

The crypto strategist is also following the activities of wealthy Bitcoin (BTC) holders. According to Light, he’s seeing signals that BTC whales are aggressively accumulating the largest crypto asset.

“Bitfinex whale ramping aggression:

– accelerating position build

– ~700 BTC in limit bids inserted.”

Image
Source: Light/Twitter

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp
Check Latest News Headlines

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/camilkuo/Tomasz Makowski



Source link

minoritycrypto

We make it easier and safer for the average investor by providing the latest news, training, technical analysis, and support. Our goal is for you to be able to safely move wealth in and out of cryptocurrency markets.