Crypto quant analyst and influencer Benjamin Cowen says most traders will miss out on Ethereum’s “tsunami” price action.
In a new strategy session, Cowen tells his 373,000 YouTube subscribers that Ethereum will continue to build strength despite most traders predicting that ETH will have a major market correction.
“Remember, most will underestimate how far Ethereum can go. Most will underestimate it. Most people will be wrong, and we’re already looking at a $4,100 Ether.”
The analyst says that a big correction that may send the second-largest crypto asset by market cap below $1,000 is likely not in the cards anymore.
“We know Ethereum is on one hell of a run… We’ll have a correction at some point, but, hey, remember: people have been calling a major correction forever, and so the problem is that the people were calling for corrections [around $1,000], I mean the chances that Ethereum goes back down to $900 in the short term is very unlikely and it may never happen again…
This is what ultimately fuels the Ethereum tsunami is people that keep thinking a major correction’s going to happen. It just keeps going up and so these people ultimately feel trapped, especially if they sold their Ethereum for an altcoin that was pumping and then that altcoin stopped pumping and then Ethereum started pumping. That’s why you wait for the pump to come to you. Wait for the tsunami to come.”
Based on his models, Cowen projects Ethereum rising up to anywhere between $4,320 and $5,800 in the short-term. However, he also sees Ethereum hitting $10,000 in the long term.
The second-biggest crypto asset by market cap continues to surge, setting a new all-time high $4,221.20 on Monday. At time of writing, ETH is trading at $3,946 according to CoinGecko.
I
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong
