A carefully tracked crypto strategist is predicting an epic collapse for main good contract platform Ethereum (ETH) heading into 2023.
Well-liked crypto analyst Justin Bennett tells his 105,500 Twitter followers that he sees Ethereum plunging to a bear market backside of round $300 as 2022 expires.
“Unpopular opinion: the ETH backside might be nearer to $300 than $1,000. ‘That’ll by no means occur,’ they’ll say. It already did over the past crypto bear market. And that was with no world recession, a bear marketplace for shares, and inflation ripping to new highs in lots of developed international locations.”
At time of writing, Ethereum is altering arms for $1,594. A transfer to Bennett’s goal suggests a draw back threat of about 80% for the highest altcoin by market cap.
As for Bitcoin, Bennett believes BTC is probably going headed to decrease costs after taking out its channel help.
“This could nonetheless flip into the next low for BTC, however the optics aren’t nice. I nonetheless assume we go decrease.”
At time of writing, Bitcoin is swapping arms for $21,312, nonetheless under Bennett’s trendline help.
Bennett says he expects the US greenback index (DXY), which pins the US greenback in opposition to a basket of different fiat currencies, to proceed rising. He notes a rising DXY doesn’t bode effectively for each Bitcoin and Ethereum.
“At this time’s pullback from shares and crypto was marketed by the DXY reclaim on the fifteenth.
There’s at all times a canary within the coal mine… The pattern is your buddy except it’s the DXY. 112-113 first, however more than likely 120 within the subsequent few months.
USD up means threat belongings down. Stocks, crypto, BTC, ETH.”
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Featured Picture: Shutterstock/Tithi Luadthong
