Top Crypto Analyst Predicts Brutal Ethereum (ETH) Collapse By Year-End – Here’s His Target
A closely watched crypto strategist is predicting an epic collapse for leading smart contract platform Ethereum (ETH) heading into 2023.
Popular crypto analyst Justin Bennett tells his 105,500 Twitter followers that he sees Ethereum plunging to a low of around $300 by the time 2022 expires.
“Unpopular opinion: ETH bottom is probably closer to $300 than $1,000. “It’s never going to happen,” they’ll say. It already did during the last crypto bear market. And that was without a global recession, a bear market for stocks and inflation reaching new heights in many developed countries.”
At the time of writing, Ethereum is changing hands for $1,594. A move to Bennett’s target suggests a downside risk of around 80% for the top altcoin by market cap.
As for Bitcoin, Bennett believes that BTC is likely headed for lower prices after taking out the channel support.
“This could still be a higher low for BTC, but the optics are not good. I still think we are going lower.”
At the time of writing, Bitcoin is trading hands at $21,312, still below Bennett’s trendline support.
Bennett says he expects the US dollar index (DXY), which pegs the US dollar against a basket of other fiat currencies, to continue to rise. He notes a rising DXY does not bode well for both Bitcoin and Ethereum.
“Today’s withdrawal from stocks and crypto was announced by the DXY reclaimer on the 15th.
There is always a canary in the coal mine… The trend is your friend unless it is DXY. 112-113 at first, but most likely 120 in the next few months.
USD up means risk assets down. Stocks, crypto, BTC, ETH.”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered straight to your inbox
Check price action
Follow us on TwitterFacebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/Tithi Luadthong
