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.