Crypto analyst Benjamin Cowen is predicting a deeper Ethereum (ETH) correction earlier than the 12 months’s finish.
In a brand new interview on the Bankless podcast, Cowen says Ethereum might dip greater than 48% of its present worth earlier than rallying at the beginning of 2025.
“My base case proper now’s that ETH/USD, it nonetheless stays up right here a little bit bit longer, above $2,000. It goes under $2,000 in This autumn after which, beginning subsequent 12 months, it bounces out of that.”
Cowen warns that if a recession happens it will change his outlook.
“My hope is that the Fed has not completely wrecked the markets for a very long time. The caveat to that is that what occurs if we deviate off the four-year cycle? And that’s at all times a chance. If we get a recession or one thing that might change issues. After which all bets are off.”
Cowen additionally says that ETH could also be following a historic sample from 2016 and 2019 when ETH tagged its logarithmic pattern line, and predicts ETH might dip to $1,200 earlier than a bull reversal.
“Proper now [ETH] is true under $2,400 so I’m questioning if you happen to’re simply going to hang around right here for a pair extra weeks after charge cuts [then] fall off. Everybody freaks out as a result of they’re like, Oh the recession’s right here. However in actuality that’s simply the place it was at all times simply going to go anyhow after which from there you possibly can make a powerful case that it might get a fairly large bounce out of that.”
Ethereum is buying and selling for $2,342 at time of writing, down almost 5% within the final seven days.
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