Goodman’s post focuses on options traders and the hedge funds which they are betting against. Basically, since the hedge funds are still short Ethereum at this point, they need to suppress the price and keep it from reclaiming $4,000 in order to keep their positions in a profit.
Goodman explained that the hedge funds have been able to use this strategy to keep the Ethereum price below $4,000 and remain in profit. However, with each time that the altcoin comes close to the $4,000 level, the probability of breaking above it becomes higher.
Over the long term, Ethereum’s price breaking $4,000 is incredibly bullish. “Strong resistance kicks in at $4000, so the price could really fly if it beats all the resistance in the early 4000s,” Goodman explained.
