Ethereum's Value Expected to Drop Below $1,200 Soon, Predicts Benjamin Cowen

Crypto Analyst Predicts Significant Price Decline for Ethereum by Year’s End

In a recent video, crypto analyst Benjamin Cowen shared his bearish outlook on Ethereum (ETH), the leading smart contract platform. Cowen predicts that Ethereum’s price will experience a significant decline by the end of the year.

Ethereum Needs to “Return Home” to Lower Valuation

Cowen argues that for Ethereum to see any sustainable upward movement, it needs to “return home” to a lower valuation. He downplays the significance of Ethereum’s recent price surge, stating that similar gains are achievable in traditional stock markets. According to Cowen’s analysis from almost a year ago, this “home” for Ethereum is between $600 and $800, based on logarithmic regression bands.

Predicted Dip Below $1,200

Cowen anticipates that Ethereum is highly likely to drop below $1,200 in the next two and a half months, with the possibility of further descent.

Ethereum Struggling to Sustain Price Levels

Cowen notes that while Ethereum is currently trying to maintain its price levels in shorter time frames, it is only a matter of time before it breaks through and returns to lower price brackets.

Wealthiest Ethereum Addresses Accumulating More Assets

Santiment reports that the wealthiest Ethereum addresses, both on and off exchanges, are continuing to accumulate more assets. About 8.51% of the total Ethereum supply is stored in exchange wallets, with the top 10 non-exchange wallets holding 39.22 million ETH.

Hot Take: Bearish Outlook for Ethereum’s Future

Based on Benjamin Cowen’s analysis and predictions, Ethereum is likely to experience a significant price decline by the end of the year. Cowen argues that Ethereum needs to “return home” to a lower valuation before it can see any sustainable upward movement. While Ethereum is currently trying to sustain its price levels, Cowen believes it’s only a matter of time before it breaks through and returns to lower price brackets. With the wealthiest Ethereum addresses accumulating more assets, there is a strong indication of ongoing interest in the cryptocurrency. However, Cowen’s bearish outlook suggests caution for investors considering Ethereum.