A Strengthening US Dollar The Ripple Effect On Cryptocurrency Price Market
The these times, the strength of dollar is said to have an effect on the crypto market prices.Taking for example the Ethereum market is said that the digital assets it set to being in a bearish trend, which we might see it to a price tag of $300 if the the dollar strengthened is to continue.
In a YouTube session with popular crypto analyst Nicholas Merten says that the digital asset Ethereum is undervalued that the digital asset will see a steep in it’s price.
Merten continues in saying that; “As we’ve emphasized many times before, we think Ethereum is way overvalued at these levels. I love ETH on a fundamental level, but at the same time, at these valuations according to typical bear markets, this is way overvalued, and we need to understand that it’s likely that the worst is going to play out according to the macro sentiment right now.”
Looking at the DXY dollar index which he says that a strengthening US dollar DXY tends to mean a weakening crypto market.
“While I don’t want to say it’s going to go absolutely vertical up here after this correction, I definitely think we’re going to see a bump up here on the dollar. That’s probably one of the more interesting things. We’ll see if it takes a couple of days. We might have another slight pullback here over the next coming days. But I think the dollar is starting to get close to valuable territory for some longs after this dip.
I’m not saying long-term positions, but at least a retest backup towards this similar kind of consolidation range from here in September up towards early November, generally between 110 and 114. So if we get a nice dip opportunity here on the dollar, I’m going to be looking for some potential longs on that.”
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