Real Vision chief executive Raoul Pal is laying out a potential roadmap for leading smart contract platform Ethereum (ETH).
Pal tells his Twitter followers that most traders are holding at a low volume because they’re looking for a cheaper entry zone.
“I still think the path of pain is higher as most participants are still underweight and looking for lower entry points. Most people expect a failure in this zone of resistance…”
The former Goldman Sachs executive predicts the “bigger battle” will happen when ETH hits $2,300 and “the trend channel.”
“Usually, correction channels like this don’t break on first attempt and correct sharply into the range first, but that is something for few weeks time possibly.”
ETH is trading for $1,695 at time of writing. The second-ranked crypto asset by market cap is down more than 4% in the past 24 hours.
In terms of his macroeconomic perspective, Pal predicts that inflation will reduce significantly in the next 18 months.
“Commodity inflation is fast becoming a past story (let’s see in the next cycle). The sticker inflation of rents, mortgages, etc are all lagging indicators but as the economy slows, they will slow over time too.
My view is that inflation may well be negative in 18 months’ time. Same as 2008. YoY comps get really, really, really hard in a year’s time. Bonds are still the wrong price, even if the Fed follows lagging data. The 2’s 10’s swaps yield curve is now most negative since data began.”
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Featured Image: Shutterstock/Hemali Chakma