Crypto trader and influencer Lark Davis, with over 432,000 YouTube subscribers, says that he is bullish on Ethereum ETH/USD.
In a new video, Davis says that Ethereum is ready for a 190% rally and is preparing to appreciate above $10,000 based on certain factors.
He pointed out that since the supply on the exchange is falling, the price of Ethereum will be more than double in the coming days.
Citing a tweet by blockchain intelligence platform IntoTheBlock, Davis says
“The net amount of Ethereum leaving exchanges just hit a new record. Over $1.2 billion worth of Ethereum left centralized exchanges yesterday. That is a mind-blowing number.”
Davis says that the lack of movement is an indication that Ethereum holders are “waiting for higher prices,” driven by, among other factors, the burning of Ethereum transaction fees.
“People are holding for higher prices, they are not selling below the previous all-time high. They know a new all-time high is coming. You watch and see what is happening 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 the demand for Ethereum.
“We are now also seeing Ethereum Layer-2s take off. To use Ethereum Layer-2, you need Ethereum. Plain and simple. You have to have ETH to pay the gas fees on Ethereum Layer-2,“ Davis says.
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