Crypto analyst Benjamin Cowen has shared a cautious outlook for Ethereum (ETH), highlighting that the cryptocurrency is currently trading around 40% below its March 2024 peak.
Cowen indicated that Ethereum might decline further by at least 5% relative to Bitcoin (BTC).
When analyzing the ETH/BTC chart, Cowen noted that Ethereum is likely to find a bottom between now and the end of the year. While it’s possible that Ethereum has already bottomed out, he believes there is still a chance it could drop below 0.04 BTC.
At present, Ethereum is valued at 0.04229 BTC. In terms of the US dollar, ETH is trading at $2,399, which is about 48% lower than its March 11th high of around $4,100.
Cowen also pointed out that Ethereum’s current price action resembles previous patterns. He explained that the ETH/BTC pair has experienced breakdowns three times—in 2016, 2019, and now in 2024.
During those past breakdowns, Ethereum’s USD value saw significant drops. In both 2016 and 2019, after ETH/BTC broke down, ETH/USD fell by around 70%. Before the pandemic, it dropped by 68%, and in 2016, the decline was 70%. If history repeats itself, a similar drop in 2024 could bring ETH closer to $1,200.
Recently, Ethereum failed to overcome the $2,450 resistance, which led to a drop below $2,400 and $2,350, with a short-term low of $2,253. Although it has attempted a minor recovery above $2,285, it is still below the $2,310 level and its 100-hour simple moving average (SMA). Resistance is building at $2,300 and the major barrier […]
Despite the approval of the Ethereum ETF, the ETH price has remained stagnant over the past two weeks, hovering between $3,700 and $3,840. This lack of movement raises questions about Ethereum’s impact on the market, especially when compared to the bullish trends seen in other cryptocurrencies. However, technical factors suggest a potential rally for Ethereum […]
Ethereum (ETH) has been in a downtrend since falling below $3,000 six weeks ago, signaling a potential continuation of the correction. Reports hinting at a possible rejection of applications for a spot U.S. Ethereum ETF added to market pessimism. Analysts predict even lower prices for Etherium if these ETF applications are rejected, in line with […]