‘Sell Ethereum, buy Bitcoin’ – Will Peter Schiff be right this time?
Main Idea
Peter Schiff advises Ethereum investors to sell ETH near its $4K resistance and buy Bitcoin, but on-chain data and market trends suggest a positive shift for ETH, with increased retail interest and potential for further price growth.
Key Points
1. Peter Schiff urged ETH long-term holders to lock profits and rotate to BTC as ETH nears the $4K resistance level.
2. First-time ETH buyers surged 16% since June, indicating a positive market shift for Ethereum.
3. The ETH/BTC ratio rebounded after hitting a 5-year low, suggesting a potential reversal in ETH's relative performance.
4. ETF inflows for ETH reached $2.12 billion, with YTD inflows at $6.1 billion, outpacing institutional demand.
5. Option traders are betting on ETH reaching $4.3K by July 25, despite a slight cooling to $3.7K at press time.
Description
First-time retail ETH investors jumped 16%, underscoring positive market shift for ETH.
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