Amid the heightened geopolitical tensions, Bitcoin and Ethereum are both trying their best to reach the top of the market radar. Both the assets have been trying hard to reclaim their past highs, vying to cross $70K and $2K, respectively. In addition to this, Ethereum, on the other hand, has started to show active signs of accumulation. Will this rapid Ethereum accumulation reflect in its price as well?
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Ethereum, the second largest cryptocurrency by market cap, has now started to show active signs of accumulation. Starting with Bitmine, Tom Lee’s firm has purchased nearly 60K ETH tokens worth $122M. The firm currently holds nearly 4,534,563 ETH tokens worth $878B.
Tom Lee(@fundstrat)'s#Bitminebought another 60,976$ETH($122.8M) last week and now holds 4,534,563$ETH($8.78B).https://t.co/LrxCTjqjE3pic.twitter.com/AjRYSbiTuV
At the same time, a new post update by Lookonchain has shared a story of a trader who had earlier sold his ETH at a high price of $4434 and has now purchased ETH again at current discounted levels of $2K. Lookonchain has dubbed this transaction as ideal, stating how it represents the perfect sell-high-buy-low phenomenon. The aforementioned example also represents the growing interest of investors in ETH, sealing the fact about how ETH is bound to grow bigger sooner rather than later.
Trader 0x8A21, who sold 499$ETH($2.21M) at a high price of 4,434 six months ago, bought 1,004$ETH($2.08M) back at a low price of $2,070 two hours ago.A perfect sell high, buy low!https://t.co/mUBXS1ldArpic.twitter.com/eLV6KZXcFT
According to Fundstrat’s Tom Lee, Ethereum is positioned to rise higher as tokenization momentum continues to gain pace. Per Lee, ETH may rise as high as $7K to $9K in the near future.
“In an interview with The Master Investor Podcast with Wilfred Frost on January 20, Bitmine Chairman Tom Lee said that despite long-term pressure on the ETH/BTC ratio, the tokenization trend is prompting Wall Street to deploy stablecoins, money market funds, and credit assets on Ethereum. As institutions such as JPMorgan and BlackRock begin using it in practice, Ethereum is emerging as a key infrastructure for traditional finance’s entry into blockchain.”
Tom Lee: Wall Street Is Choosing Ethereum as the Underlying LayerIn an interview with The Master Investor Podcast with Wilfred Frost on January 20, Bitmine Chairman Tom Lee said that despite long-term pressure on the ETH/BTC ratio, the tokenization trend is prompting Wall…pic.twitter.com/rNGrXXvtc7
Per Merlijn the trader, ETH is currently being tested at a crucial level of $2K, which can either make or break its price.
Source: Watcher Guru
