Chinese billionaire Bitcoin (BTC) miner Jiang Zhuoer has made important statements regarding Ethereum.
Jiang Zhuoer, the founder of BTC.top, one of China’s largest mining companies in the past, stated that he short-sold ETH for short-to-medium term trades.
At this point, Zhuoer stated that the downtrend cycle in Ethereum (ETH) and the overall market has not yet ended, and that further declines are possible.
The well-known figure, stating that Trump has ruined the markets, predicted that a US-Iran war would most likely result in Iran seizing control of the Strait of Hormuz (collecting transit fees).
Zhuoer stated that the bear market cycle is not yet over and that he expects a decline, announcing that he has opened a short position for ETH.
Jiang Zhuoer stated that he opened a short position on Ethereum from account X, with an average entry price of $2,242.
Zhuoer notes that market rallies are often event-driven, arguing that such recoveries offer opportunities to increase short positions.
Zhuoer added that the likelihood of the war breaking out again was also low.
“…The bear market cycle is not over yet; every rebound stemming from an event presents an opportunity to increase short positions. There is also a slight possibility of another uptrend.”
I shorted ETH at $2242. This is similar to my previous long position which I opened at $1850 and closed at $2144.
*This is not investment advice.
