An investor who accurately called the bottom of last year’s crypto bear market thinks that Ethereum (ETH) is gearing up for a bullish move next month.
Chris Burniske, an executive at venture capital firm Placeholder, tells his 254,600 Twitter followers that he believes crypto looks strong despite the recent marketwide pullback.
“From where I sit, I’m surprised crypto hasn’t pulled back more given weakness in equities and upward repricing in rates – bullish. To those saying some version of ‘just wait,’ sure we could pull back a bit more, but calls for new lows anytime soon are silly. Pullbacks are consolidation within the current uptrend, in my opinion.”
The venture capitalist also thinks that an incoming upgrade for Ethereum could act as a bullish catalyst for the leading smart contract protocol.
“-January BTC beasted, led the rest.
-February we mostly consolidated.
-March ETH beasts, leads the rest with Shanghai upgrade driving ETH staking flows.”
The upgrade, which is also known as Ethereum Improvement Proposal 4895 (EIP-4895), allows users with staked ETH to withdraw their assets. The update is slated for release next month.
At time of writing, Ethereum is trading for $1,615. The second-largest crypto asset is mostly flat for this month after opening February at $1,594.