#ETH/USDT - Long - Potential 115%

Back in August we took out a long term position in ETH which quietly has hit all targets as Bullish momentum pulled up the whole market. There is however more than just 'crypto market go up' driving the ETH rise.

Behind he scenes are numerous incredibly bullish events which are driving a long term picture for ETH, which - whisper it, might be better than Bitcoin.

For example-
-Dank Sharding to reduce fees.
-PayPal's PYUSD is being built on ETH.
-Deflationary ETH Burns

Those factors are creating an environment in which ETH is complete. Cheap to use, a good deflationary investment and 'necessary'. All these factors are described in more detail in the original idea -

The we had the big one. In late November we had confirmation that BlackRock and others were applying for spot ETH ETF's. Given that the ETF's drew a year long rallyout of BTC, what could they do for an already bouyant ETH?

Well huge capital inflows. And an increase in price.

The biggest issue facing the application, the SEC, already looks to be taken care of too. Hester Pierce the SEC commissioner yesterday gave an interview indicating that the approval process wouldnt be a BTC style nightmare;

'We need to just be applying regular [consideration] to these products. The same kind of consideration that we apply to similar products and, so, we shouldn’t need a court to tell us that our approach is arbitrary and capricious in order for us to get it right,” (source - blockworks.co/news/hester-peirce-ether-etf-precedent)

Thats Bullish AF.

Given that our last ETH trade hammered all targets and that its correcting alongside BTC, it seemed smart to set up a new long term position. I'd suggest enterin this ASAP as looking at the potential decision dates, they are close. 7 deadlines between May and August.

Targets on the chart, derived from the Fib, shout if you have any questions!