Crypto analyst Benjamin Cowen says that he’s anticipating Ethereum (ETH) to appropriate sharply to beneath the $1,000 stage.
In a brand new technique session, Cowen tells his 790,000 YouTube subscribers that traditionally, ETH usually “exams the integrity” of its main cycle lows no 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, doubtless 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 just 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 believe Ethereum will take a look at the integrity of that low, again down beneath $1,000. However, historical past would additionally counsel that it gained’t take a look at it till after ETH/BTC breaks down. And historical past additionally means that ETH/BTC in all probability gained’t break down in January as a result of usually January is an effective month for Ethereum.
It may nonetheless take a while given these narratives which are floating round, given the spot ETF for ETH, given the halving narratives, it may take a while for that to play out.”
At time of writing, Ethereum is buying and selling at $2,268.
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