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Historic Rally in Sight for Ethereum? Crypto Analyst Benjamin Cowen Compares ETH Price Action to 2017 Bull Cycle

by Daily Hodl Staff
March 30, 2022
in Ethereum

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.

I

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