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Veteran Trader John Bollinger Explains Why He Has Bought Ethereum

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Thu, 27/01/2022 - 20:17
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.

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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 Bitcoin was heading into “an important accumulation zone” when the largest cryptocurrency was trading at roughly $42,000. Bitcoin struggled to find support around that level, eventually plunging all the back to $33,000 on Jan. 24 and presenting long-term holders with another buying opportunity.

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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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