An expert by the name of Justin Bennett, who has a following of 105,500 people on Twitter, is of the opinion that Ethereum is gradually moving toward its bear market bottom around $300 and will hit it by the end of 2022.
According to the analyst, the current price of Ethereum (ETH) is probably closer to $300 than it is to $1,000. He claims that even though the majority of the public does not believing in this forecast, Ethereum did in fact experience a situation like this during the market correction that occurred in 2021. Even though there was neither a financial collapse nor inflationary at the time, ETH was nonetheless subject to a downward trend.
The price of Ethereum has increased by less than one percent in the past twenty-four hours, and it is currently trading at $1,585.
Bitcoin (BTC) (BTC)
Next, Justin discusses the very first cryptos ever created, Bitcoin, and asserts that Bitcoin, like all other cryptocurrencies, is moving in the direction of a downward trend.
After that, he says that although if it is possible for this trend to change in the opposite direction and go towards higher lows, it isn’t very likely that this will happen.
The price of a Bitcoin has increased by 1.04% in the past twenty-four hours, reaching $21,342 at the time this article was written.
US Dollar Index (DXY)
The analyst was most interested in the US dollar index, which is denoted by the symbol DXY. On the other hand, Justin speculates that a bullish trade in the US dollar index might occur in the near future. The index of currencies that are valued in relation to the US dollar is denoted with the symbol DXY.
Then he goes on to forecast that DXY will initially claim 112, ultimately 113, and then an astounding 120 in a few months’ time. Additionally, he holds the view that the bullish DXY is not a reliable indicator for cryptocurrencies like Bitcoin and Ethereum.