An analyst who precisely referred to as the newest crypto correction is issuing a dire warning to Ethereum (ETH) holders.
Crypto strategist Benjamin Cowen tells his 845,000 followers on the social media platform X that Ethereum appears poised to repeat its huge corrections witnessed throughout the 2016 and 2019 market cycles.
In keeping with Cowen, the same script seems to be enjoying out after Ethereum just lately collapsed towards Bitcoin (ETH/BTC).
“This concept for ETH/USD is beginning to look extra plausible.”
In Could of this yr, Cowen predicted that ETH would lose 70% of its worth and plunge near $1,150.
“The final two occasions that ETH/BTC broke down, ETH/USD then dropped roughly 70%.
In a world the place everybody has been preaching altseason for the final 2.5 years right into a BTC dominance uptrend, I believed I might remind individuals that there’s nonetheless draw back danger.”
Cowen goes on to say that Ethereum seems to be particularly mirroring its 2019 cycle and the deep pullback could happen after the Fed proclaims a price reduce.
“ETH is again all the way down to this trendline.
If it follows 2019, it should maintain these ranges for a number of weeks, after which break down once more after the Fed cuts charges.
No ensures, simply following essentially the most helpful analog that has been one of the best information thus far this yr.”
Odds that the Fed will reduce charges subsequent month have risen to 100% following this week’s crypto and inventory market correction, based on CME’s FedWatch software.
Final month, Cowen predicted that Bitcoin would witness a deep corrective transfer, noting that BTC appeared to be mimicking the 2019 cycle. He additionally forecasted that altcoins would additionally capitulate towards the US greenback.
At time of writing, Ethereum is buying and selling for $2,456.
Do not Miss a Beat – Subscribe to get e mail alerts delivered on to your inbox
Examine Worth Motion
Comply with us on X, Fb and Telegram
Surf The Each day Hodl Combine
 
Disclaimer: Opinions expressed at The Each day Hodl will not be funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual danger, and any losses you might incur are your duty. The Each day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Each day Hodl an funding advisor. Please notice that The Each day Hodl participates in online marketing.
Generated Picture: Midjourney
