Ethereum 2019 Correction Repeating? Analyst Warns of Possible Pullback
Analyst Benjamin Cowen suggests that Ethereum (ETH) could be following a historical pattern that may lead to a significant price drop. In the previous bear market, ETH only reached its bottom after canceling out a breakout from a rising wedge and then retesting a macro low. Cowen also highlights that ETH experienced a crash right after the Ethereum/Bitcoin (ETH/BTC) pair broke down. With ETH/BTC currently on the verge of support, Cowen believes that a breakdown in this pair could trigger a downward move for ETH/USD, potentially bringing Ethereum’s price down to $1,200.
Cowen emphasizes the importance of the breakdown in the ETH/BTC valuation, noting that it was after this breakdown in 2019 that ETH/USD finally experienced a significant drop. He suggests that if history repeats itself, Ethereum may retest the previous low around $1,000 before finding support. As of now, ETH/BTC is trading above Cowen’s support level at 0.049 BTC ($2,570).
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