Ethereum Expected to Dip Below $1,000, Says Analyst Benjamin Cowen
Crypto analyst Benjamin Cowen predicts that Ethereum (ETH) will experience a significant correction, falling below the $1,000 level. Cowen, in a strategy session with his YouTube followers, highlights that historically, ETH tends to test its major cycle lows multiple times before entering a new bull phase. He cites examples of retests in 2015, 2016, and 2020 but notes that another low in 2022 has yet to be retested.
Cowen believes that Ethereum will first break down in its Bitcoin pair (ETH/BTC), followed by a similar breakdown in ETH/USD, likely occurring this year. He suggests that ETH/USD typically doesn’t establish a low without subsequently testing it. He expects Ethereum to eventually test the integrity of its low and drop below $1,000. However, he predicts that this won’t happen until after ETH/BTC breaks down. Cowen also mentions that ETH/BTC is unlikely to break down in January due to historical trends favoring Ethereum during this month.
Current Ethereum Price
As of now, Ethereum is trading at $2,268.
Hot Take: Ethereum’s Potential Correction
Crypto analyst Benjamin Cowen anticipates a sharp correction for Ethereum, with the price potentially dipping below $1,000. Cowen’s analysis is based on historical patterns of ETH testing its major cycle lows multiple times before entering a new bull phase. He suggests that after ETH/BTC breaks down, ETH/USD will follow suit. According to Cowen, it is likely that Ethereum will eventually test the integrity of its low and drop below $1,000. However, he cautions that this process may take time due to various factors influencing the market.
By
By
By
By
By
By