Jiang Zhuo'er: Expects Bitmain's Liquidation Line to Drop to $1,500, Ethereum Shows Strong Intent to Bounce Back from Oversold Conditions

BlockBeats News, February 6th. Jiang Zhuo'er, founder of Lebit Mining Pool (B.TOP), stated in a post that Yili Hua continues to sell ETH to reduce leverage, predicting that "the purpose is to lower the liquidation line to around 1500 (USD)."

"Currently (Yili Hua's large long position liquidation) this bomb has been basically defused. ETH has withstood a concentrated liquidation of 220,000 ETH in the past 13 hours, still maintaining oscillation around 1900, indicating strong buying pressure in the market and a strong intention to repair oversold conditions."

In earlier news, Jiang Zhuo'er stated this morning that the current drop has been severely oversold, and he has bought the dip in ETH at 1850 USD, "this kind of oversold condition is an opportunity that only occurs once a year."