Benjamin Cowen Updates Ethereum Outlook, Says Weakness Coming for ETH Near End of Year

Crypto analyst Benjamin Cowen predicts a deeper Ethereum (ETH) correction earlier than the tip of the 12 months.

In a brand new interview on the Bankless podcast, Cowen say Ethereum may fall greater than 48% from its present worth earlier than rising once more in early 2025.

“My base case proper now could be that ETH/USD stays above $2,000 right here for a little bit longer. It’ll go under $2,000 within the fourth quarter and will probably be again there once more from subsequent 12 months.”

Cowen warns {that a} recession would change his outlook.

“My hope is that the Fed hasn’t completely destroyed the markets for a very long time. The caveat right here is: what occurs if we deviate from the four-year cycle? And that’s all the time 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 reached its logarithmic trendline, and predicts that ETH may fall to $1,200 earlier than a bull reversal happens.

“Proper now [ETH] is just below $2,400, so I ponder when you’ll stick round for just a few extra weeks after the speed cuts [then] fall off. Everybody’s panicking as a result of they’re pondering, oh, the recession is right here. However in actuality, that is precisely the place it was all the time going to go anyway, and from there you possibly can make a powerful argument that it may get a reasonably large rebound out of that.

Ethereum is buying and selling at $2,342 on the time of writing, down almost 5% previously seven days.

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