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Amid the negative U.S. GDP record and high Fed rate, there seems to be a positive turning for some digital assets, especially Ethereum. For example, the global second largest cryptocurrency by market cap, Ethereum (ETH), is staging a solid bounce back.
Over the past few days, Ether has progressively increased as it surges to $1,774 in its market. This has created a new phase for the crypto assets with more growing impressive within the industry.
From the perspective of Raoul Pal, a crypto expert, Ethereum is likely to display continuous price growth across the $2,000 level. Also, its increase in value would create entry points for more investors in the token’s hedge funds, retails, and even institutional investments.
The crypto expert’s presumption comes from the continuous price rise of Ether and its derivatives. However, with its upward moves, the fundamentals of the token remained formidable.
Recently through a tweet, investment strategist Pal stated that cryptocurrencies would excel over other digital assets.
The general feeling is that the macro is so bad that there needs to be a new low or a re-test of the low.
But my hunch is that the path of MAX PAIN is higher.
Hedge funds are scrambling to buy calls just in case ETH breaks 1800 to 2000. They can not afford Not to participate. pic.twitter.com/VdotGywBDj
— Raoul Pal (@RaoulGMI) July 31, 2022
The macroeconomic expert pointed out the performance of Ethereum (ETH) shows a stronger disposition than that of Bitcoin (BTC). Furthermore, he cited that the upcoming Merge contributes to hiking the recent Ethereum Network activities.
With its current performance trend, Ethereum can remain robust as it crosses the $1,500 psychological level and keeps surging.
Furthermore, this increasing path is more realistic as the hedge funds are bringing more funds to Ethereum. Hence, there is potentially more demand for Ether as it reaches the $1,800 mark, possibly hitting its psychological level of $2,000.
Ethereum Macro Conditions Could Lead To A Retest Of Bottom Levels
Having experienced the crypto winter and macro conditions, the markets’ overall sentiment could retest bottom levels.
The current polling would show that many cryptocurrency investors have liquidated their investments to have cash. According to the crypto expert Pal, crypto underweights for retail, hedge funds, institutions, and even family offices.
