Veteran analyst Peter Brandt recently Ethereum and to the dollar index shared two charts.
The analyst, who thinks that the rise in the dollar index will continue, stated that the level of 104 points may be a possible target. Ethereum He said that the outlook for him is not very good.
DXY
Analyst today, after the employment data, rising by 1% and approaching the level of 99. dollar index He stated that the probable target for 104 was 104.
In the chart, we observe that DXY moves within a channel formed over the years. This target can be considered a medium term target as the chart shows a long time frame.
Ethereum
in one Ethereum “The potential is not good news for Ethereum buyers,” said the analyst, who shared the chart for his investors.
“The potential is not good news for ethereum buyers. Generation Z, who traded in their mother’s basement, will remind me of this chart 3 years from now.”
Looking at Brant’s chart, the $4700 levels are marked as the end zone. After the fall, we see a symmetrical triangle formation. As the symmetrical triangle pattern is a “continuation pattern,” Brandt thinks this image signals further bearishness.
At this point, the upward break of the symmetrical triangle will disrupt the bearish pattern.
The 3-year posting of the analyst also shows that his expectation is for the medium term and that he also accepts that Ethereum may be much higher than these levels after 3 years.
*Not Investment Advice.