Dan Nathan has been buying Ethereum since May when it was $2,100 and has been averaging down, all the way down to $867.
Dan says he would look to take a profit in and around $2,000 given his average.
He also says it's clearly risk on, and suspects that at some point in the not-so-distant future, "this thing runs out of steam and consolidates a little bit."
Dan says he would look to take a profit in and around $2,000 given his average.
He also says it's clearly risk on, and suspects that at some point in the not-so-distant future, "this thing runs out of steam and consolidates a little bit."
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00:00 Big moves in crypto today. Bitcoin surging to its highest level since mid-July.
00:05 Ethereum also posting gains. It's now up more than 50% just this month.
00:10 Dan, you still own Ether. Does it go higher from here?
00:14 Help us make sense of this market that drives me crazy.
00:18 Yeah, full disclosure, I think I said it on the show numerous times in May.
00:21 I started buying Ether when it was $2100.
00:24 I started averaging down all the way down to $867. How about that?
00:29 So here we are, we have this move in a very short period of time.
00:32 I think a lot of crypto traders really focused on this move from proof of work to proof of stake
00:36 that should get tested next month and maybe finally merge.
00:39 That has been the catalyst for ETH for a long time here.
00:42 I think I would probably look to take some profits in and around $2000 again due to my average.
00:48 But these catalysts are there. It's a momentum thing. It's clearly risk on.
00:52 I mean, that's just what we've been talking about this whole show.
00:55 I suspect at some point, not so distant future, this thing runs out of steam, though, and consolidates a little bit.