$ETHFI is up 13.58% on the week and down 8.4% today, and a brand new stablecoin announcement couldn't stop it.
ether.fi says it's launching its own dollar stablecoin backed by Ethena, and that it will plug into every product they ship. that's the team's own claim, and so far it's a plan, not proof of demand. they're also adding MoonPay so people can move money like a bank while holding their own keys. good product work. it's also the kind of news the market already priced in during the week's run.
when good news gets sold into, I read that as holders using the announcement as an exit. the intern-designed card post is cute, but cute doesn't create buyers.
$ETHFI trades at $0.6259 right now, inside a 24h range of $0.6147 to $0.6973. if it loses $0.6147, I think the whole weekly gain gets handed back. if it reclaims $0.6973, I'm wrong on this and there's nothing to defend. if you're long, that low is your line, not a suggestion.
are you buying the stablecoin story at $0.6259 or waiting for $0.6147 to break?
follow me for more calls like this.
ether.fi says it's launching its own dollar stablecoin backed by Ethena, and that it will plug into every product they ship. that's the team's own claim, and so far it's a plan, not proof of demand. they're also adding MoonPay so people can move money like a bank while holding their own keys. good product work. it's also the kind of news the market already priced in during the week's run.
when good news gets sold into, I read that as holders using the announcement as an exit. the intern-designed card post is cute, but cute doesn't create buyers.
$ETHFI trades at $0.6259 right now, inside a 24h range of $0.6147 to $0.6973. if it loses $0.6147, I think the whole weekly gain gets handed back. if it reclaims $0.6973, I'm wrong on this and there's nothing to defend. if you're long, that low is your line, not a suggestion.
are you buying the stablecoin story at $0.6259 or waiting for $0.6147 to break?
follow me for more calls like this.