Ethereum could correct more than 50% – Benjamin Cowen
Benjamin Cowen, a well-known crypto analyst with a significant following on YouTube, has shared his predictions for Ethereum (ETH) in a recent strategy session.
According to Cowen, Ethereum’s smart contract platform will probably retest its lows within the upper and lower bounds of the logarithmic regression chart before it goes on another bull run.
He notes that the altcoin has been sitting outside this range for a while and could be teasing its current position outside the lower regression trendline.
Cowen’s forecast for Ethereum’s future is a bearish one. He believes the cryptocurrency could drop by at least 53% from its current value. ETH is currently trading at around $1,640, and Cowen suggests that its fair value fit to “non-bubble data” is at $750, which is lower than where it went in June.
Despite this, Cowen’s predictions aren’t all doom and gloom. He notes that Ethereum is a cryptocurrency with a long-term future and that it could go even lower than where it was in June before it sees its next bull market. However, he does warn that a recession could bring new lows to the crypto markets, no matter how long the markets have already remained bearish.
READ MORE: Janet Yellen Calls for Strong Crypto Regulation at G20 Meeting
Cowen reminds his viewers that plenty of assets, even in crypto, can put in new lows well after their primary bear market year. He cites the example of 2020 when many cryptocurrencies put in new lows. Although Ethereum did not reach a new low, it came very close. It’s worth noting that Cowen’s analysis is just one perspective, and market conditions can change rapidly, leading to fluctuations in asset values.
Overall, the analysts’ predictions suggest that Ethereum may face some short-term pain before it experiences its next bull market. However, he remains optimistic about the cryptocurrency’s long-term prospects, noting that it’s one of the most established projects in the market and that its potential use cases are vast. As always, crypto investors should consider multiple sources of information and perform their due diligence before making any investment decisions.
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
