Famous American financial analyst and trader, John Bollinger, has acquired a small amount of the second-largest crypto asset by market cap, Ethereum, after seeing its trade pattern for six hours.

Bollinger Says he Doesn’t Have “High Confidence” in his Ethereum Purchase

According to his tweet, he is taking a trial position on the smaller quantity he just purchased. It should be noted that the veteran trader did not release any information about the number of units of the coin he bought.

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While some of his followers might have taken the purchase of the asset as financial advice, Bollinger was quick to point out that he did not have a “high confidence” in his position and that the timing of his trade might not have been the best.

Trading indicator “Bollinger Bands” is named after the financial analyst who made his name as the author of the Capital Growth Letter, a newsletter that provides technical analysis of the financial markets.

Per a recent ARK Investment report, Ethereum’s market cap could rise to as high as $20 trillion within the next decade and its value could touch as high as $178,000.

Ethereum’s Price Drops by Almost 4% in 24 Hours

After a wider crypto market crash that saw the value of leading digital assets like Bitcoin, Ethereum, and others crash massively, the price of these assets is yet to fully recover the gains lost.

Ethereum, which was trading for close to $5k in November last year, has shed over 50% of its gain as it is currently trading a little over $2,300. The asset within the last 30 days has dropped 36.6% of its value and 20% within the last seven days.

However, despite the fact that the token’s value has dropped massively, available data would show that niches like NFT which is dominated by the blockchain have witnessed a strong start to the year.

According to a previous report, it was revealed that OpenSea, a leading NFT platform, has been able to beat its previous trading volume. Apart from that, NFTs like Bored Ape, CryptoPunks, etc have witnessed a renewed level of interest from institutional investors.

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This article was originally posted on FX Empire


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