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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Ethereum Reaches New Three-Week High Above $1,300, But Will Rally Last?

Best Owie
Best Owie
1 year ago
3 mins read
Ethereum

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Ethereum, just like bitcoin, saw a relief rally that pushed its price to a new three-week high. The digital asset is now trading above $1,300 for the first time since mid-December 2021, and so far, has been able to hold its gains in the market. However, not everyone is betting on the continued growth of the cryptocurrency, which could end up being a deterrent to further upside for the digital asset.

Ethereum Whales Go Short

Chinese journalist Colin Wu, popularly known as Wu Blockchain on Twitter posted a screenshot that showed that ethereum whales were still very bearish on the digital asset. For one, there were 26,000 put options for the cryptocurrency at a strike price of $400. This is a more than 200% decrease from the current price of the asset.

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The traders were placed on Saturday, December 7, according to the photo, showing a high conviction of an expected price drawdown in the coming months. These options were also set to expire on June 30, giving them a five-month runway to hit this price.

Recently, there has been a large order of 26,000 ETH put options with a strike price of $400 and an expiration date of Jun 30. Some traders believe this is the tail management behavior of crypto whales. According to @Blofin_Official pic.twitter.com/VmYC44939h

— Wu Blockchain (@WuBlockchain) January 7, 2023

Ethereum’s price has already seen a recovery since this trade was placed. But with such a long runway and the expected sell pressure to come from the Shanghai upgrade and withdrawal capabilities for staked ETH, it still remains a possibility that the digital asset would hit this price.

Ethereum (ETH) price chart from TradingView.com

ETH at $1,319 | Source: ETHUSD on TradingView.com

Not Everyone Is Bearish On ETH 

Despite such a large put position on a potential descent of atheneum’s price, not everyone is bearish on the asset. One Chinese miner Jiang Zhuoer took to social media to share his bullish executions of the cryptocurrency.

Zhuoer says he expects ETH to lead the market bull run of 2023. In fact, the miner explains that ETH will actually begin to move before BTC. He also predicts that ethereum will soon break out of its six-month-long consolidation soon.

11/ I expect #Ethereum (ETH) to start rising earlier than #Bitcoin (BTC) as the leader of the next bull market. This should occur between March and May 2023, the ETH price woule be permanently out of the current bottom range.

— Jiang Zhuoer BTC.TOP (@JiangZhuoer) January 9, 2023

As for ETH, the digital asset has fared well as the new week rolls around. It is already up 3.80% in the last day, and its gains on the 7-day chart have risen above 8%. This price increase sees it trading currently at a price of $1,311 with indicators pointing toward more upside, at least for the short term, as it moves above its 50-day moving average.

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The next significant resistance now sits at $1,350 where bears are making their stand once more. This was also the local peak before the December 14 market crash, so this is an important point to beat if ETH is to see more gains.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from Reuters, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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