• Raoul Pal, CEO of Real Vision predicts that Ethereum (ETH) will hit new all-time highs before the end of this year.
• Pal believes that a strong performing Nasdaq-100 Index and weakening dollar will help drive ETH’s performance.
• He also notes that dollar weakness is likely to be broadly supportive for risk assets like Bitcoin (BTC) and other cryptocurrencies.
Raoul Pal Predicts New All-Time Highs for Ethereum This Year
Real Vision CEO Raoul Pal is predicting that the smart contract platform Ethereum (ETH) will reach new all-time highs by the end of 2021. In a recent blog post, he noted that a strong-performing Nasdaq-100 Index (NDX) could boost ETH’s performance along with the weakening US Dollar.
Nasdaq-100 to Boost Ethereum and Crypto Prices
Pal explained in his post that the NDX has been outperforming current liquidity conditions, citing 2019 as an example where it could not be held underwater for long. He believes this trend will continue, helping push ETH to new all-time highs in November 2021.
Weakening Dollar Could Also Help Cryptocurrency Prices
The macro guru also suggested keeping an eye on the US Dollar index (DXY), which compares the American currency against other fiat currencies. If it breaks its support at 100, then crypto markets could benefit from dollar weakness according to Pal. He added that this would provide a broadly supportive environment for risk assets like Bitcoin (BTC) and other digital currencies.
Ethereum Price at Time of Writing
At time of writing, Ethereum is trading for $1,880 – up 1% during the last 24 hours – having reached an all-time high of $4,878 on November 10th 2021. Meanwhile Bitcoin is worth $30,367 at time of writing – up 0.7% in the last 24 hours – suggesting there could be further gains ahead if Pal’s predictions come true over the coming months.
Disclaimer: Opinions Expressed are Not Investment Advice
The Daily Hodl website urges investors to do their due diligence before making any high-risk investments in Bitcoin or other cryptocurrencies as prices can be volatile and these investments can result in losses or even complete loss of capital investment funds..