Contents
- 1 Ethereum May Experience Final Capitulation, Analyst Predicts
- 1.1 Potential Ethereum Price Drop on the Horizon
- 1.1.1 Renowned crypto analyst Benjamin Cowen suggests that Ethereum (ETH) could face a significant drop in the coming weeks. According to his analysis, there is a high likelihood that ETH will reach its logarithmic trendline, potentially dropping as low as $1,000.
- 1.1.2 Comparisons to Previous Cycles
- 1.1.3 Lack of Strength in Recent Rallies
- 1.2 Stay Informed and Engaged
- 1.3 Disclaimer
- 1.1 Potential Ethereum Price Drop on the Horizon
Ethereum May Experience Final Capitulation, Analyst Predicts
Potential Ethereum Price Drop on the Horizon
Renowned crypto analyst Benjamin Cowen suggests that Ethereum (ETH) could face a significant drop in the coming weeks. According to his analysis, there is a high likelihood that ETH will reach its logarithmic trendline, potentially dropping as low as $1,000.
During a recent strategy session, Cowen, with a substantial following on YouTube, pointed out a pattern where Ethereum historically hits its bottom during the fourth quarter. Comparing previous cycles, he anticipates Ethereum following a similar trajectory this time around, potentially reaching the $1,000 mark within the next couple of months.
Comparisons to Previous Cycles
Cowen highlighted how Ethereum reached its lower logarithmic correction trendline in November in 2016 and 2019. Drawing parallels to the current scenario, he pointed out that Ethereum tagged this trendline in August, similar to its 2019 behavior. Based on this observation, he predicts a forthcoming drop for Ethereum.
Lack of Strength in Recent Rallies
Further analyzing Ethereum’s recent performance, Cowen noted that the cryptocurrency’s rallies lack the strength to fuel a move to new all-time highs. He emphasized that Ethereum fails to reach the 20-week SMA and faces rejection by the 21-week EMA with each upward movement, a pattern reminiscent of the market behavior before its mid-November capitulation in 2019.
Currently, Ethereum is trading at $2,446, reflecting a 3% decline for the day.
Stay Informed and Engaged
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Disclaimer
This article is for informational purposes only and should not be construed as investment advice. Readers are encouraged to conduct their own research before making any investment decisions in the volatile cryptocurrency market. Remember that all financial actions involve risks, and losses incurred are the responsibility of the individuals involved.
The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
