According to a crypto analyst who is well-known, there’s a high chance Ethereum (ETH), the cryptocurrency market leader will capitulate in the next few weeks.
Benjamin Cowen, a crypto trader, told his 819,000 YouTube followers that he expects ETH to drop below its trendline logarithmic, possibly as low as $1000.
You can clearly see in 2016 that Ethereum entered the trendline of lower logarithmic corrective correction from early November to about mid-November. It entered the trendline in August, but it then got above it. Then it didn’t stay there for very long until late September or October.
It tagged the price back in August, just like in 2019. You can tell that it dropped in August. It tagged in August. I believe it is about to drop .”
Cowen believes that Ethereum rallies in 2019 will not be strong enough to propel the currency to new highs.
What do you see when you take a look again? The 20-week SMA is not being reached, just as it was in 2019. Each and every move upward is a rejection of the 21-week EMA. The 21-week EMA (exponential moving average) is a constant rejection of every single move up.
At the time of this writing, Ethereum was trading at $2,446. This is a decrease of 3% on the day.
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