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Crypto analyst Benjamin Cowen anticipates Ethereum (ETH) undergoing a sharp correction and potentially falling below the $1,000 threshold.
With a substantial following of 790,000 subscribers on YouTube, Cowen drew attention to Ethereum's historical patterns, particularly its tendency to retest major cycle lows before transitioning into a new bullish phase.
Historical Patterns and Forecasts
Cowen highlighted previous instances of cycle low retests in 2015, 2016, and 2020, emphasizing that a similar retest is yet to occur following the low in 2022. According to Cowen, Ethereum typically experiences a breakdown in its Bitcoin pair (ETH/BTC) before a corresponding decline in ETH/USD, a trend he predicts will likely unfold within the year.
Explaining his perspective, Cowen stated:
"In the next few months, ETH/BTC is likely to break down, followed by a breakdown in ETH/USD. Ethereum tends to retest the integrity of its lows, as evidenced by prior examples... So, I expect Ethereum to test the integrity of that low, dipping below $1,000. However, history suggests that this retest won't occur until after ETH/BTC breaks down. Considering the positive narratives surrounding Ethereum, such as the spot ETF and halving narratives, this process might take some time."
Factors Influencing Timing
Despite his forecast, Cowen noted that January is favorable for Ethereum, suggesting a breakdown in ETH/BTC might not occur until later.
According to Crypto News, he acknowledged the potential influence of various narratives circulating in the crypto space, including introducing a spot ETF for Ethereum and halving narratives, which could delay the anticipated correction.
According to Crypto Panic, Cowen's insights offer a perspective on Ethereum's market dynamics, underscoring the importance of historical patterns in forecasting potential price movements. Cowen's analysis provides valuable insights for informed decision-making as investors navigate the volatile crypto landscape.
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