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Ethereum Crash Alert: Analyst Predicts Potential Drop Below $1,200
September 5, 2024 13:30 1 min. readWe may earn commissions from affiliate links or include sponsored content, clearly labeled as such. These partnerships do not influence our editorial independence or the accuracy of our reporting. By continuing to use the site you agree to our terms and conditions and privacy policy.
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.
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