Crypto analyst Benjamin Cowen says that he’s anticipating Ethereum (ETH) to right sharply to under the $1,000 degree.
In a brand new technique session, Cowen tells his 790,000 YouTube subscribers that traditionally, ETH usually “checks the integrity” of its main cycle lows not less than twice earlier than shifting into a brand new bull section.
The analyst factors out the retests of cycle lows in 2015, 2016 and 2020 and says that one other low in 2022 has but to be retested.
Cowen forecasts that Ethereum first breaks down in its Bitcoin pair (ETH/BTC) earlier than ETH/USD follows swimsuit, seemingly this 12 months.
“What I’m suggesting is that someday within the subsequent few months, ETH/BTC breaks down. After ETH/BTC breaks down, ETH/USD breaks down.
One of many issues about ETH/USD that you simply would possibly discover is that it doesn’t have a tendency to simply put in a low after which by no means take a look at the integrity of that low. Have a look at all of the prior examples…
So sooner or later, I feel Ethereum will take a look at the integrity of that low, again down under $1,000. However, historical past would additionally counsel that it received’t take a look at it till after ETH/BTC breaks down. And historical past additionally means that ETH/BTC most likely received’t break down in January as a result of usually January is an efficient month for Ethereum.
It might nonetheless take a while given these narratives which can be floating round, given the spot ETF for ETH, given the halving narratives, it might take a while for that to play out.”
At time of writing, Ethereum is buying and selling at $2,268.
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