Ethereum: Analyst Warns of Stormy Skies Ahead

A prominent crypto analyst has expressed the possibility of a significant decline in the leading smart contract platform.

In a recent analysis session, crypto trader Benjamin Cowen, suggests that Ethereum (ETH), the second-largest cryptocurrency by market capitalization, could experience a considerable drop to a range between $400 and $800.

Cowen speculates, “There’s a reasonable likelihood of witnessing a new lower price point, possibly just slightly below $800. However, it could potentially dip further, reaching levels such as $600, $500, or even as low as $400.”

Furthermore, Cowen predicts that such a downward movement would make 2023 a challenging year for both Ethereum bulls and bears. He describes a scenario where Ethereum’s price might gradually decline, occasionally experiencing short-lived upward movements to generate excitement, followed by a year-end drop and a subsequent recovery.

In Cowen’s view, this pattern would lead to a situation where both bullish and bearish perspectives would experience periods of correctness during the year. Ultimately, participants on both sides of the market would face significant challenges by the end of the year.

The crypto strategist anticipates that Ethereum will likely continue to establish lower highs and lower lows throughout 2023.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.