Stock Market Could Drag Ethereum Further Down Before Counter Trend Rally, According to Analyst Benjamin Cowen

Cryptocurrency analyst Benjamin Cowen warns {that a} weakening inventory market can result in Ethereum (ETH) re -testing a lower cost ranges.

In a brand new technique session, Cowen tells His 889,000 YouTube subscribers that the S&P 500 can proceed to point out weak spot in April, which, primarily based on historic precedence, can result in ETH additionally falling.

“What I ponder is what occurs if you see that the S&P 500 weak spot continues to point out in early till mid -April? Do you bear in mind, we mentioned that between February there shall be a weak spot between February OPEX (choice for expiration week) and March Opex.

And the explanations for this can be as a result of tariff uncertainty on 2 April. It can be as a result of it, there are a lot of macrodages from early till mid -April that I feel the markets shall be . And one of many the explanation why I feel the markets are inquisitive about it’s as a result of it could affect inflation with all these charges. ”

Cowen says that ETH can fall to its logarithmic trendline, probably as little as $ 1,044, within the midst of recession strain, earlier than the extent of $ 3,000 is recovered as assist.

‘I simply look right here at ETH/USD [on the weekly chart]And I see a triple prime, and I simply need to surprise that it finally culminates in a recession, the place everybody thinks that by the point the recession is defined that it’s over, however the actuality is that the market praises it in effectively earlier than time, so that you simply get this massive drop after which an enormous motion of it. We have been speaking about that for some time and it is the entire concept that ETH goes dwelling. “

ETH has been traded for $ 1,909 for the previous 24 hours on the time of writing, a rise of 4.7%.

https://www.youtube.com/watch?v=S-Vdunlqu0

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