Ethereum Could Be In A Good Point For A Price Rally | CryptoGazette
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The geopolitical tensions are intensifying with Russia moving into Ukraine. Now, the crypto market has also been shaken and a lot of investors are freaking out looking at the prices.
Ethereum price analysis
It’s been just reported that there is a closely followed crypto analyst who says Ethereum (ETH) is trading at a point where the reward far outweighs the risk.
Pseudonymous analyst Light has just said 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.”
At the moment of writing this article, ETH is trading in the red, and the coin is priced at $2,291.
The online publication the Daily Hodl revealed that looking 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.”
As the online publication mentioned above notes, back in November, Light also noticed that a massive Ethereum whale closed $2 billion worth of ETH margin longs.
It’s important to note the fact that this 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.”
Stay tuned for more news, and make sure to keep your eyes on the crypto market.
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