Here’s the Most Likely Scenario for Ethereum This Year, According to Analyst Benjamin Cowen

A extensively adopted crypto analyst is charting the trail he believes Ethereum (ETH) will probably observe for the remainder of 2024.

In a brand new video replace, crypto strategist Benjamin Cowen tells Its 808,000 YouTube subscribers stated that if ETH had been to stage a rally, it could not surpass the $3,000 value degree primarily based on earlier market cycles.

“ETH has been falling since March, so I believe that if ETH had been to stage a rally it would not go a lot greater than $3,000.

My guess is that it will likely be rejected by the bull market assist band this 12 months and will probably be again above the bull market assist band subsequent 12 months… I might be flawed.”

Cowen goes on to say that the ultimate backside of Ethereum’s market cycle will probably happen in the direction of the tip of this 12 months, as ETH bottomed in December in earlier cycles.

“I believe there’s an argument that this might occur in spite of everything this time.

I believe if it may occur, the finale of it in all probability will not be till the tip of the 12 months as a result of in 2016 the low occurred in December earlier than it rebounded and in 2019 the low occurred in December earlier than it rebounded.

If historical past had been to repeat itself in 2024 and the sample continues, I do not assume there’ll actually be a sustained rebound that may take it to new highs till 2025. That does not imply $3,000 cannot occur. simply means it will likely be loads more durable to see.

Ethereum is buying and selling at $2,731 on the time of writing, down 1.23% over the previous 24 hours.

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