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A closely followed crypto strategist is warning that Ethereum (ETH) could follow a similar 2022 pattern and soon plummet in value.
Justin Bennett tells his 112,400 Twitter followers that the leading smart contract platform could collapse in value by more than 78% from its current price of $1,862.
The analyst says that ETH may be consolidating in a long upward channel and could soon revisit the bottom of it. Such a drop would put ETH at about $400, according to Bennett’s chart.
“Imagine if the last 10 months have been nothing more than mid-trend consolidation for ETH. Few believed this scenario last year, and fewer believe it now. Not saying it will happen, but don’t rule it out.”
Source: Justin Bennett/Twitter
Bennett’s analysis is an update on a previous call from last year when he first suggested a drop to between $300 and $400 for ETH.
The analyst also updates his outlook on Bitcoin (BTC), and says the king crypto’s latest rally has run out of gas. He says a drop off in trading volume suggests that it’s unlikely Bitcoin will continue its upward trajectory in the near term to hit $50,000, as some predict.
“I’d love to know how so many believe Bitcoin will reach $100,000 or even $50,000 this year when volume looks like this. A rally on decreasing volume = exhaustion.”
Source: Justin Bennett/Twitter
Bitcoin is trading for $28,542 at time of writing, up 1.3% in the past 24 hours.
The trader notes that the US Dollar Index (DXY) has, for the first time since March, closed the day at a higher value than the previous day, indicating USD is strengthening. The DXY pits the US dollar against a basket of other major foreign currencies, and is often inversely correlated with risk assets like crypto.
“DXY, first higher high since early March.”
Source: Justin Bennett/Twitter
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