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.
Currently, Ethereum is selling at $1,585 after a slight jump of 1% over the last 24hrs.
Bitcoin (BTC)
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.
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.
Was this writing helpful?
Source: https://coinpedia.org/altcoin/ethereum-brutal-crash-eth-price-to-hit-this-bottom-level-by-end-of-2022/