A widely followed crypto analyst is doubling down on his prediction for Ethereum (ETH), the top smart contract platform by market cap.
In a new strategy session, crypto analyst Benjamin Cowen says tells According to its 787,000 YouTube subscribers, Ethereum will likely collapse by the end of the year.
“I think Ethereum will return home before it goes into a sustained bull run. A lot of people got excited – I mean, they can get excited all they want about this rally. It’s still only a 2X move. You can celebrate a 2X move if you want, but you can get that pretty easily in the stock market. I mean, a lot of stocks do 2x moves…
You make a 50x move up, and then you pick a side, whether you’re bullish or bearish, and everyone celebrates $100 moves in either direction. But that’s not why you’re here. What you will notice is that every time Ethereum has rallied to new highs, it only happened when Ethereum went home first. ‘Home’ is the lower regression band. At this point, we need to see Ethereum head home before it hits new highs.
[We’ve] I still need to see ETH go home, my friends, and it hasn’t happened yet. So I think that will happen. And again, you can see in these lower time frames, at least over the last year and a little over a year, that it’s trying to hold these levels. But again, at some point it will probably break, and when it does, that’s probably when Ethereum starts to head home.”
According to an analysis published almost a year ago, Cowen says the “home base” for ETH is between $600 and $800, where his own version of the logarithmic regression band resides.
Cowen says ETH will come “home” within the next few months.
“I think the most likely outcome is that Ethereum will fall below $1,200 within the next two and a half months, and I mean it could certainly go lower.”
ETH is worth $1,572 at the time of writing, down 5% in the past week.
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Generated image: Midjourney