Crypto Analyst Benjamin Cowen Predicts Ethereum’s Downside Target
In a recent YouTube video, crypto analyst Benjamin Cowen shares his perspective on Ethereum’s price movement. Here are the key points:
– Cowen believes Ethereum will need to return to its fair-value logarithmic regression trendline before it can surge to new all-time highs.
– He emphasizes that ETH has historically retraced to this trendline before experiencing bull runs.
– The logarithmic regression band, designed to track fair value using non-bubble data, shows the middle part at $934 and the lower part at $644.
– Cowen highlights that during the previous cycle in 2020, Ethereum actually went 33% below the regression band.
– He suggests that an attractive accumulation range for Ethereum would be between $400 and $600.
Cowen predicts that ETH may conclude the year with a lower value than its initial price, similar to the pattern seen in 2019 when it started at $1,200.
Despite trading at $1,635 currently, down nearly 1.75% in the past 24 hours, Cowen’s analysis indicates that Ethereum still has a long way to drop before it can make a significant surge.
Hot Take
While Benjamin Cowen’s analysis suggests a potential downside for Ethereum, it is important to remember that cryptocurrency markets are highly volatile and subject to various factors. As an investor, it is crucial to conduct thorough research and consider multiple perspectives before making any decisions.
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