Raoul Pal, former Goldman Sachs GS executive, said that Ethereum’s ETH/USD inverse chart is displaying a clear ‘GMI crash pattern.’
What Happened: GMI Crash Pattern is characterized by a sharp sell-off, followed by a rally to test the highs and a failure to recapture the prior peak, before an accelerated downturn.
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2. ETH - The inverse chart is looking like a clear GMI Crash Pattern (a sell-off, rally to test the high and fail, then accelerated fall). A break of 2000 would be the eventual final confirmation. pic.twitter.com/Now1uaf1Zs
— Raoul Pal (@RaoulGMI) February 16, 2023
According to Pal, a break of the $2,000 level would be the final confirmation that the pattern is in motion.
Earlier on Wednesday, Pal said that Ethereum could reach $10,000 by 2024. “I don't see any reason why it's not about $10,000. I see no reason at all. So, you know, that's a decent upside from here.” He said this during an interview with Altcoin Daily.
Pal had predicted that the "crypto spring" is coming in about six to nine months. “Spring can be pretty amazing. So, if you go back and look at crypto spring in 2019, as I said, both ETH and Bitcoin BTC/USD did turn around 85%, then they backed off quite a long way for a while even when the Fed were cutting rates,” he said.
Price Action: At the time of writing, ETH was trading at $1,664, down 1.60% in the last 24 hours, according to Benzinga Pro data.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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