Ethereum Brutal Crash – ETH Price To Hit This Bottom Level By End Of 2022
An analyst, Justin Bennett, who has a 105,500 Twitter fanbase, is of the opinion that Ethereum is gradually headed towards its bear bottom around $300 and will reach it by the end of 2022.
The analyst believes that Ethereum (ETH) is closer to $300 than $1000. He says that though most of the community members don’t believe in this prediction, Ethereum did face such a situation during the 2021 bear market. Back then, there was no global recession or inflation and yet, ETH suffered a bearish trend.
"That'll never 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 ripping to new highs in many developed countries.— Justin Bennett (@JustinBennettFX) August 19, 2022
Currently, Ethereum is selling at $1,585 after a slight jump of 1% over the last 24hrs.
Next, Justin talks about the world’s first cryptocurrency, Bitcoin, and claims that BTC, too, is making its move towards a downward trend.
He then states that though there are possibilities that this might reverse and move towards higher lows, it isn’t very likely.
This can still turn into a higher low for $BTC, but the optics aren't great.I still think we go lower.#Bitcoin — Justin Bennett (@JustinBennettFX) August 19, 2022
At the time of publication, Bitcoin is priced at $21,342, with a surge of 1.04% in the last 24hrs.
US Dollar Index (DXY)
Lastly, the US dollar index (DXY) caught the analyst’s attention. Conversely, Justin claims the US dollar index may soon see a bullish trade. The US dollar index (DXY) is the currency that is pegged against the US dollar.
He then predicts DXY to first claim 112 then 113 and then a whopping 120 in a few months. He is also of the opinion that the bullish DXY is not a good indication for Bitcoin and Ethereum.
The trend is your friend…unless it's the $DXY. 112-113 first, but most likely 120 in the next few months.USD up means risk assets down.#stocks #crypto $BTC $ETH — Justin Bennett (@JustinBennettFX) August 18, 2022