Ethereum (ETH) could be mimicking the early stages of the 2016/2017 bull run, according to popular crypto analyst Benjamin Cowen.
In a new YouTube update, Cowen tells his 722,000 subscribers that Ethereum’s current price patterns indicate it’s in a similar re-accumulation phase to when it bounced between $7 and $14 in 2016 and early 2017.
Ethereum broke through that range in March 2017 and rose past a value of $1,440 by January 2018.
“If you overlay this [2016/2017] bar pattern, and we just overlay it from this move [now], one of the things you’ll notice is there are a lot of similarities in these moves…
You come up, you come back down, you go back up, sort of a double-top sort of a thing there in the short-term, a long bleed back down, and then a slow move back up to the top.
This would equate getting back up to the top of the range by the very beginning of May and then seeing a breakout in the summer.”
Cowen does stress that there is risk involved with ETH and that price increases to new all-time highs are never a sure thing, encouraging caution amid this surge.
ETH is trading at $3,393.41 at time of writing, up more than 13% in the past week.
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