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Veteran Trader John Bollinger Explains Why He Has Bought Ethereum

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Thu, 01/27/2022 - 20:17
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Alex Dovbnya
Prominent trader John Bollinger has disclosed a “trial position” in Ethereum
Veteran Trader John Bollinger Explains Why He Has Bought Ethereum
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Prominent American financial analyst and trader John Bollinger has tweeted about buying a small amount of Ethereum, the second-largest cryptocurrency.

The veteran trader behind the “Bollinger Bands” indicator claims that it’s a “trial position.”

Bollinger explains that a bullish pattern on Ethereum’s six-hour chart prompted him to make the aforementioned purchase.

With that being said, he has cautioned his followers that this is not a “high confidence trade,” adding that the timing of his purchase might not be the best.

Earlier this month, Bollinger tweeted that

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Ethereum plunged to an intraday low of $2,160 this Monday amid an ongoing cryptocurrency market correction. On Wednesday, the cryptocurrency surpassed $2,700 during a relief rally only to swiftly give up its gains. Ethereum is currently trading at roughly $2,400 on major spot exchanges.

Notably, Bollinger urged his followers to pay attention to the Ethereum chart right on the verge of the correction.

The flagship altcoin is down 51.21% from its record peak of $4,878.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.