Crypto analyst Benjamin Cowen says that he’s expecting Ethereum (ETH) to correct sharply to below the $1,000 level.
In a new strategy session, Cowen tells his 790,000 YouTube subscribers that historically, ETH often “tests the integrity” of its major cycle lows at least twice before moving into a new bull phase.
The analyst points out the retests of cycle lows in 2015, 2016 and 2020 and says that another low in 2022 has yet to be retested.
Cowen forecasts that Ethereum first breaks down in its Bitcoin pair (ETH/BTC) before ETH/USD follows suit, likely this year.
“What I’m suggesting is that sometime in the next few months, ETH/BTC breaks down. After ETH/BTC breaks down, ETH/USD breaks down.
One of the things about ETH/USD that you might notice is that it doesn’t tend to just put in a low and then never test the integrity of that low. Look at all the prior examples…
So at some point, I think Ethereum will test the integrity of that low, back down below $1,000. But, history would also suggest that it won’t test it until after ETH/BTC breaks down. And history also suggests that ETH/BTC probably won’t break down in January because normally January is a good month for Ethereum.
It could still take some time given these narratives that are floating around, given the spot ETF for ETH, given the halving narratives, it could take some time for that to play out.”
At time of writing, Ethereum is trading at $2,268.
O
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Ethereum Likely To Crash Below $1,000, According to Crypto Analyst Benjamin Cowen – Here’s Why appeared first on The Daily Hodl.
