A closely followed crypto strategist predicts a major crash for leading smart contract platform Ethereum (ETH) towards 2023.
Popular crypto analyst Justin Bennett believes Ethereum could enter a bear market with a price of around $300 by the end of 2022. told.
“Unpopular opinion: ETH bottom is closer to $300 rather than $1,000. They will say, ‘This will never happen. It has already dropped to this level in the last crypto bear market. It was also without a global recession, a bear market for stocks, and inflation climbing to new heights in many developed countries.”
At the time of writing, Ethereum is trading at $1,617. A move towards Bennett’s target shows a downside risk of around 80% for the top altcoin by market cap.
As for Bitcoin, Bennett believes that BTC will likely head for lower prices once it breaks the channel support.
“This may still translate to higher low for BTC, but the outlook is not great. I still think we’re going to go lower.”
Besides, Bennett said he expects the US dollar index (DXY) to continue to rise. A rising DXY is a negative for both Bitcoin and Ethereum.
“The pullback in stocks and crypto today was announced by DXY recovery on the 15th.
There is always a harbinger of disaster… unless it’s DXY, the trend is your friend. 112-113 at first, but most likely 120 in the next few months.
USD up means risk assets down. Stocks, crypto, BTC, ETH.”
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.