Benjamin Cowen, an analyst at Cowen Research Group Inc. issues a warning about Ethereum (ETH), the second largest crypto asset. Ethereum is still around 40% under the March 2024 peak.
Cowen informs his 811,00 YouTube subscribers that Ethereum will likely depreciate against Bitcoin in the future by at least 5 percent.
What do you see when I examine this graph? It looks like Ethereum/Bitcoin will likely form a low between now and year’s end. Although it may be already there, I still think it will go below 0.04 BTC .”.
Ethereum currently trades at 0.04229 BTC. At the time of writing ETH/USD has reached $2,399 which is approximately 48 percent below its 2024 peak of $4,100, achieved on March 11th.
Cowen believes that Ethereum’s price is repeating history.
The Bitcoin/Ethereum system has failed three times: once in 2016, twice in 2019. Then again in 2024 .”
Cowen claims that when the ETH/BTC pairs have broken down in the past, the US dollar-pair of the second largest crypto asset has experienced a fall by double digits.
%…
Before the pandemic, it was 68%. In 2016, the drop was 70 %. Two 70% falls after Ethereum/Bitcoin collapsed. Ethereum/Bitcoin will be gone in 2024. You would be closer to $1200 .” if you reduced your Bitcoin by 70%.
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The post Benjamin Cowen, Analyst Issues Ethereum Alert: ETH Could Continue to Fall Against Bitcoin — Here are His Targets could be updated as new information becomes available.
