Real Vision CEO Raoul Pal outlines a potential roadmap for leading smart contract platform Ethereum (ETH).
Pal tells his Twitter followers that most traders keep volume low because they are looking for a cheaper entry zone.
“I still think the pain path is higher because most participants are still underweight and are looking for lower entry points. Most people expect failure in that resistance zone…”
Former Goldman Sachs executive predicted the “biggest battle” will take place when ETH reaches $2,300 and “the trend channel”.
“Usually correction channels like this don’t break on the first attempt and correct sharply into range first, but that’s something for a few weeks maybe.”
ETH is trading for $1,695 at the time of writing. The second-largest crypto asset by market capitalization is down more than 4% in the past 24 hours.
From a macroeconomic perspective, Pal predicted that inflation will decline significantly over the next 18 months.
“Commodity inflation is about to become a thing of the past (let’s see in the next cycle). The self-adhesive inflation of rents, mortgages, etc. are all lagging indicators, but as the economy slows, they will also slow over time.
My view is that inflation could well be negative 18 months from now. Like 2008. YoY comps are getting really, really, really hard in a year. Bonds are still at the wrong price, even as the Fed tracks lagging data. The 2 to 10 swap yield curve is now the most negative since the data began.
Don’t miss a beat – Subscribe to receive crypto email alerts straight to your inbox
Check Price Action
follow us on TwitterFacebook and Telegram
Surf the Daily Hodl Mix
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.
Featured Image: Shutterstock/Hemali Chakma