Analyst Benjamin Cowenโs Warning on Ethereum
A popular analyst, Benjamin Cowen, cautions that Ethereum (ETH) might experience more downward movement in the upcoming months. Cowen, with a following of over 801,000 subscribers on YouTube, highlights the potential impact of monetary policy on Ethereumโs performance. Here are the key takeaways from Cowenโs analysis:
Impact of Monetary Policy on ETH
- Cowen suggests that ETH/USD is facing challenges, especially after the possibility of rejecting the spot Exchange-Traded Fund (ETF).
- The analyst predicts that tighter monetary policy could negatively affect Ethereumโs trajectory, leading to potential capitulation among investors.
Relationship with Bitcoin
- Cowen emphasizes that Ethereumโs price movement may hinge on Bitcoinโs performance, indicating that a significant rise in ETH would likely correspond to Bitcoinโs surge.
- Regarding the ETH/Bitcoin pair, Cowen anticipates continued declines, citing historical trends that show a persistent downtrend.
Current Market Status
- As of the latest data, ETH is trading at $3,002.
- Cowenโs analysis suggests a complex interplay between Ethereumโs price dynamics and broader market conditions, especially in relation to Bitcoin.
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