You must not have escaped that this market cycle is a true nightmare for Ethereum and its investors. To date, Ethereum is unable to follow Bitcoin and some other coins in their returns. According to the pseudonymous analyst Doctor Profit can change, because he is “Insane Bullish” about Ethereum.
Why is Doctor Profit so positive about Ethereum?
First, he indicates that it is a long-term vision. In the shorter term, Doctor Profit still sees opportunities for price falls, but according to him there are opportunities.
His main argument is that the risk-return relationship is currently “fantastic”. Ethereum currently trades 18% above his 200-week exponential moving average (EMA), which is a reliable support during bearmarks.
He therefore argues that in theory Ethereum cannot fall much further, while an increase to $ 8,000 to $ 10,000 yields a return of more than 200%. According to him, the maximum loss is around 20%, while the profit can be a factor of 10, according to Doctor Profit.
Investors continue to buy Ethereum while the race is falling
Doctor Profit receives support from the analysts at Glassnode, who rely on on-chain analysis to find support for Ethereum.
On the blockchain, the analysts of Glassnode see that there was a lot of accumulation around the rate of $ 2,632. There, 786,000 ethers were purchased by investors. According to them, it is important to see a purchase cluster around $ 3,150, where 1.22 million ethers were purchased.
For that reason, the analysts of Glassnode state: “This trend suggests that investors buy at ever lower prices, and collect Ethereum at lower prices, instead of completely leaving their positions.”
Even at Glassnode they remain optimistic about the Ethereum course, especially in the longer term.
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Source: https://newsbit.nl/analist-is-om-een-reden-insane-bullish-over-ethereum/
