Top Trader Eugene Ng Ah Sio Reduces ETH Short Position Amid Market Speculation

In a recent update from COINOTAG News on March 7th, prominent trader Eugene Ng Ah Sio revealed a strategic adjustment to his trading stance by decreasing the size of his Ethereum (ETH) short position. Previously, Ng had initiated a short at $2170, expressing confusion over the market’s lack of reaction to a significant market decline. He highlighted that the drastic drop, framed as a ‘nuclear-style drop’, is unlikely to materialize in the immediate future, prompting him to announce this tactical shift now. While Ng maintains a bearish outlook, predicting that ETH may eventually fall below $2000, he clarified that this move is part of a cautious profit-taking strategy amidst current market fluctuations. This news underscores the volatility of the cryptocurrency market and the necessity for traders to adapt quickly to changing conditions.