A Global Macro Investor newsletter was published on November 6th. In the document, Raoul Pal, a former Goldman Sachs executive, talked about the Ethereum market. It indicated the upcoming trend for ether (ETH), according to the daily DeMark chart.
Towards a sharp rise in Ether (ETH)
According to the recent newsletter Global Macro Investor, we can expect a sharp rise in the price of ether (ETH). Indeed, Raoul Pal said that the configuration of the GMI chart of the second largest crypto in the world announces a remarkable recovery.
In commenting the graph, he explained:ETH’s daily chart looks extremely constructive. We are currently breaking the downtrend at (1), there is an inverted shoulder-head-shoulder pattern at (2) with the right shoulder forming just above previous resistance (downtrend d ‘a year)“.
The crypto expert added that a “little higher closer to $2,000“, a probable configuration “MASSIVE” forms. For him, “this is all very bullishand GMI is keeping a close eye on developments. We should soon have price consolidation of ether (ETH) followed by a breakout.
The data points to a weaker dollar
Raoul Pal asserted that the current value of the DXY, the index comparing the dollar to the basket of foreign currencies, represents a bullish signal. He reminded that the US dollar index is correlated with risky assets like cryptos. In this context, it is enough for the value of the American dollar to increase for that of the cryptos to fall. It so happens that currently the dollar is showing signs of a decrease imminent.
“The Dollar recently put in another 13 daily sequential countdown and reversed sharply on Friday, currently in wave 3 of 5 lows with a price target of 106. We are not entirely confident that we cannot not make a final push to 117, but we are getting closer to a top”, explained the crypto expert.
Note that the sequential countdown examines the period of likely reversal in a market. When it has the value of 13, it usually means that the market is about to reverse on demand in terms of buying and selling.
For macroeconomics expert Raoul Pal, the future trend in the ether (ETH) market will be very bullish. Recall that the former Goldman Sachs executive previously said that ETH could successfully overtake BTC.
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