Chinese billionaire Jiang Zhuoer has turned bearish on Ethereum (ETH) in the short- to medium-term, disclosing a new short position on April 8.
Zhuoer, the founder and CEO of BTC.TOP – one of the largest Bitcoin mining pools – shorted Ethereum at $2,242. As with his previous trade, he did not disclose the size of the position.
Nonetheless, Zhuoer stated that his latest ETH trade is driven by prevailing macroeconomic conditions. Earlier in February 2026, he opened a long position in Ethereum at $1,850, citing the asset’s oversold condition, before closing it at $2,144 on March 4 amid uncertainty over the escalating U.S.-Iran conflict.
Why is Zhuoer bearish on Ethereum?
Zhuoer asserts that Ethereum remains in a bear market cycle, characterizing the current phase as a subdued recovery rather than a full trend reversal. As such, he treats any event-driven price rally as a chance to build additional short exposure.
Amid the escalating U.S.-Iran military conflict that has irritated global markets, Zhuoer identifies the heightened risk of a further crisis as a primary factor weighing on risk assets, including Ethereum. He draws a parallel to the 1956 Suez Crisis, when Britain’s forced withdrawal from the canal marked the rapid decline of British global power in the years that followed.
Currently, Zhuoer expects Iran to gain effective control of the Strait of Hormuz by collecting tolls on tanker traffic, marking the end of the conflict. He sees such an outcome as a structural shift in global energy flows with lasting implications for risk assets.
ETH price analysis
The medium-term bearish outlook for Ethereum is reinforced by its multi-week consolidation following the sharp selloff in late January and February. As Finbold reported, most cryptocurrency pairs have been forming a potential bearish flag, a continuation pattern indicating a likely downtrend resumption after brief consolidation.
Since Ethereum price dropped below $2,000 in early February, it has been forming a possible bearish pennant. As such, the 8% rally in ETH’s price over the past 24 hours, to around $2,233, could be a dead-cat bounce.
