Benjamin Cowen Reinforces Ethereum Prediction, Anticipates Significant ETH Price Decline by Year's End as Most Probable Scenario
A highly regarded cryptocurrency analyst is reaffirming his Ethereum (ETH) prediction, focusing on the leading smart contract platform by market capitalization.
In a recent strategy session addressed to his substantial YouTube audience of 787,000 subscribers, cryptocurrency analyst Benjamin Cowen suggests that Ethereum may experience a significant downturn by the end of the year.
Cowen expresses his view by stating, 'I believe Ethereum will return to its previous levels before embarking on any sustained bullish rally.' He emphasizes that while some may celebrate the recent rally in Ethereum, which represents a 2X price increase, such returns can be achieved relatively easily in the stock market.
He goes on to explain his perspective by referencing the concept of Ethereum 'returning home,' which refers to revisiting lower regression bands. Cowen contends that every time Ethereum has experienced a rally to new all-time highs, it was preceded by a period during which Ethereum retraced to these lower levels. He suggests that Ethereum needs to 'go home' to the lower regression band before significant new highs can be achieved.
Cowen acknowledges that Ethereum has been attempting to maintain these levels on shorter timeframes over the past year, but he anticipates that at some point, it will likely break down, potentially signaling a return to lower levels and initiating a new phase of the market cycle.
According to a prior analysis dating back almost a year, Cowen defines 'home' for ETH as being within the range of $600 to $800, which aligns with his own interpretation of the logarithmic regression band.
Cowen anticipates that Ethereum will revisit this 'home' range within the coming months. He asserts, 'I believe the most probable scenario is for Ethereum to dip below $1,200 within the next two and a half months, and there's even potential for it to go lower.'
As of the current moment, ETH is valued at $1,572, reflecting a 5% decrease over the past week."
Oct 11, 2023