Ethereum Price Warning: Crypto Analyst’s Bearish Outlook 📉
Crypto analyst Benjamin Cowen is cautioning about a potential significant drop in the price of Ethereum (ETH). Cowen, with a strong YouTube following, highlights Ethereum’s recent dip below the Bull Market Support Band (BMSB). The BMSB includes a 20-week simple moving average and a 20-week exponential moving average, crucial for determining bullish or bearish trends. Cowen suggests that Ethereum has not been in this position for around 30 weeks, indicating a concerning trend.
- Cowen points out two previous instances where Ethereum’s price fell significantly after dropping below the BMSB.
- In both cases, the cryptocurrency saw a subsequent ~50% decline, which could potentially bring ETH down to $1,400 from its current $2,902 level.
Ethereum’s Future Projection
Cowen predicts that while the Ethereum/Bitcoin (ETH/BTC) pair might stabilize in the near future, the Ethereum/US dollar (ETH/USD) pair could experience a more prolonged consolidation period before finding a bottom. This suggests potential further downside for Ethereum’s price against the US dollar in the coming weeks.
Hot Take: Ethereum’s Bearish Signal
Cowen’s analysis of Ethereum’s recent price movements triggers a bearish signal, indicating a possible significant downturn in the cryptocurrency’s value. Investors and traders should remain cautious and monitor the market closely to make informed decisions amid this uncertain period for Ethereum.
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