Trader Who Just Sold 33% of His Ethereum Bag Explains Why He’ll Sell Everything In October
Main Idea
A trader sold 33% of his Ethereum holdings, citing historical market patterns and indicators suggesting an upcoming downturn, and plans to sell the rest by October.
Key Points
1. The trader sold 33% of his Ethereum holdings, noting Bitcoin's strong institutional demand and Ethereum's price holding above $4,200.
2. He predicts Ethereum could reach between $5,800 and $6,000 before a market downturn, based on historical patterns observed in 2017 and 2021.
3. The trader believes the market is in the 'Ethereum dominance' stage, which typically lasts only a few weeks before liquidity exits.
4. He projects Bitcoin could top in late September, followed by Ethereum, with Bitcoin falling to $55,000 and Ethereum to $1,400 by October.
5. Key indicators like NUPL, SOPR, and MVRV suggest extreme profit levels and potential loss-taking, signaling an impending market correction.
Description
Crypto researcher Orbion has disclosed a detailed trading plan aimed at exiting the market before what he anticipates will be the end of the current cycle. In a recent post, he revealed that he has already sold 33% of his Ethereum holdings and intends to liquidate his positions by the end of October. While stating that he remains bullish in the short term, he pointed to patterns from 2017 and 2021 that suggest a sharp and rapid downturn when the market tops. Orbion noted that Bitcoin has doubled...
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