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Crypto trader and influencer Lark Davis, with more than 432,000 YouTube subscribers, says he’s bullish on Ethereum (CRYPTO: ETH).
In a new video, Davis says Ethereum is set for a 190% rally and is preparing to appreciate above $ 10,000 depending on certain factors.
He pointed out that as the supply on the exchange is down, the price of Ethereum will more than double in the coming days.
Quoting a Tweeter by blockchain intelligence platform IntoTheBlock, says Davis
“The net amount of Ethereum leaving trading has just hit a new record. Yesterday over $ 1.2 billion worth of Ethereum left centralized trading. That’s a mind-boggling figure.”
Davis says the lack of movement is an indication that Ethereum holders are “waiting for higher prices,” driven by, among other things, the burning of Ethereum transaction fees.
“People are hanging on to higher prices, they are not selling below the previous record. They know a new all-time record is coming. You look and see what’s going on economically with Ethereum. You can see how much, for example, Ethereum is currently being burned, ”Davis adds.
Davis also says the proliferation of scaling solutions known as Layer 2 protocols is also optimistic for the second largest crypto asset, increasing demand for Ethereum.
“We are now also seeing Ethereum Layer-2 take off. To use Ethereum Layer-2, you need Ethereum. Clear and simple. You need to have ETH to pay gas charges on Ethereum Layer-2, ”Davis explains.
Related Link: Cathie Wood Says Ethereum ‘Clearly’ Satisfies ‘Huge Unmet Need’
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