A few weeks ago, I published an article on Ethereum, and how you probably don’t own enough. I wanted to use today’s column to double-down on this call, especially as we head into “crypto week” in Washington.
Do you remember how Bitcoin reserve companies were all the rage in recent years? Just think of Michael Saylor’s MicroStrategy (MSTR) and all the attention it’s attracted.
But now, we’re seeing companies shift to Ethereum reserves, and it’s leading to absolutely monstrous intraday moves.
These are the types of things you see going into a market mania. So, where do we go from here?
I think we’re headed this way…
The Ethereum Bull Market Is Young and Strong
One of the hallmarks of true crypto manias over the years has been Ethereum outperforming Bitcoin. And then, an “alt-season” inevitably follows.
I’m not a fan of the majority of alt-coins, although there are some that certainly offer some interesting setups at the moment.
Instead, I have centered my focus on various crypto stocks, since I find them easier and in most cases, more liquid to trade.
But the point of this article is Ethereum. Fidelity actually published a report this past week saying that it could turn into a legitimate reserve asset, and basically, have its own economy within its ecosystem.
There are a few pieces of legislation coming down the pipeline next week that could propel Ethereum to new highs. In fact, I think it’ll be back above 4000 before we know it. It already started breaking out yesterday, and we here in the TheoTrade chat room have been long since April 23.
Let’s see what comes next. We never stop managing the trade - we are not HODLers.
Keep you posted,
Gianni