Ethereum Could Soar to New Highs in 2023, Pal Predicts

  • Former Goldman Sachs executive, Raoul Pal, predicts that Ethereum could hit new all-time highs alongside the Nasdaq-100 Index (NDX) within the next five months, driven by emerging trends and a weakening US dollar. This development is of particular interest to South Africa's growing crypto-investor base.
  • Pal's analysis suggests that a continuation of the weakening US dollar could bolster the performance of risk-on assets, including cryptocurrencies. Ethereum, currently trading around $1,880, could potentially reach record-breaking levels.
  • Despite dollar weakness not being the only factor influencing crypto markets, Pal emphasizes its historical significance. As these predictions unfold, South African investors will be monitoring Ethereum, the NDX, and the dollar for potential investment opportunities in the crypto sector.

South Africa’s crypto-enthusiasts and investors are closely following predictions about Ethereum’s (ETH) future, especially with renowned former Goldman Sachs executive, Raoul Pal, sharing insights on its potential price trajectory. In a recent blog post, Pal discusses the powerful performance of the Nasdaq-100 Index (NDX) and how its trajectory could correlate with Ethereum’s possible growth.

Pal projects that the NDX, propelled by burgeoning trends such as artificial intelligence (AI) and a weakening US dollar, will achieve new all-time highs in tandem with Ethereum over the coming five months. He likens the NDX to a beach ball held under water, suggesting it’s poised to rise above the surface and outperform, similar to its trajectory in 2019.

ETH Could Mirror History If the Dollar Continues to Weaken?

Pal’s predictions are underpinned by the long-term secular trends and the debasement of the dollar. He contends that the US dollar index (DXY) is set to further weaken, dropping below its 100 support level in the subsequent months. This development could potentially bolster the performance of risk-on assets, encompassing Bitcoin (BTC) and other cryptocurrencies.

Despite Ethereum currently trading at $1,880, marking a modest 1% increase over the last day, it had previously hit an all-time high of $4,878 on November 10th, 2021. Pal’s analysis implies that the positive momentum could propel Ethereum to unprecedented levels. He simplifies the relationship between the NDX, Ethereum, and the weakening dollar in his quote, “Remember: NDX = Debasement + Secular trend.”

Pal’s macroeconomic viewpoint shared through Global Macro Investor (GMI) predicts that the broader symmetrical triangle pattern will likely continue, with the DXY breaking below 100, potentially targeting 90. This anticipated depreciation of the dollar is seen to create a favourable climate for risk assets, which could prove beneficial for cryptocurrencies and other investment options.

Yet, Pal does highlight that while dollar weakness isn’t the only determinant impacting risk assets and crypto markets, it has historically been a significant influence. In the grand scheme of things, a declining dollar is a substantial boon for these markets.

As of the time of writing, Bitcoin stands at a value of $30,367, witnessing a 0.7% increase over the past 24 hours. As these predictions take shape, market players, including those in South Africa, will be keenly observing the performance of Ethereum, the NDX, and the weakening dollar for potential investment openings in the crypto landscape.

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