Ethereum (ETH) Predicted to Make a Big Move
Benjamin Cowen, a crypto analyst, believes that Ethereum (ETH) is positioned for a big move in the next three months.
In a recent strategy session, Cowen informed his 784,000 YouTube subscribers that Ethereum is trading within a large wedge pattern that could lead to a breakout by May 2023.
The downside of the wedge: “Deep value” zone
According to Cowen, the downside of the wedge is the “deep value” zone for the largest altcoin, with a price range between $600 to $1,000.
He states that by May, ETH could break out to the upside or downside, and his preference is for the former, as he believes the deep value can be found at the regression trendline.
ETH/BTC
In addition to analyzing ETH/USD, Cowen also looks closely at ETH in its Bitcoin pair (ETH/BTC) to determine its strength. He predicts that ETH/BTC will likely come to an inflection point by next month, with a lean towards a downward move.
He suggests measuring the market cap of Ethereum divided by the market cap of Bitcoin instead of just the price relative to Bitcoin.
READ MORE: Bitcoin and Ethereum to Resume Uptrend – Kaleo
Conclusion
Cowen believes that ETH is approaching a critical point by March and April 2023, and the ETH/BTC valuation will come to a similar phase. He expresses concern that ETH may have a similar distribution phase in the upper region as it did in 2018, only to ultimately break to the downside.
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.
