A popular crypto analyst says that leading smart contract platform Ethereum (ETH) is going back to its pre-bull run price level.
In a new strategy session, Benjamin Cowen tells his 773,000 YouTube subscribers that the price of Ethereum will likely return to $600 for the fifth time.
“We’ve talked about this throughout this year and the general expectation is that Ethereum goes through a series of bull runs, but It ultimately just heads home at the end of the day and that’s back to its logarithmic regression band fit to “non-bubble data” and we’re sort of seeing that same trend take place for the fifth time…
If you remember back to 2018, the drawdown that Ethereum had was about 95% or so. I’m not saying Ethereum is going to go down 95%, but even if it went down, say 87%, which is what Bitcoin went down after its 95% bear market, that would still put Ethereum at $600.”
The analyst says that all things considered, ETH bears will still remain in control for the foreseeable future, despite some investors calling for the bear market to be over.
“It takes a long time, I mean it’s taking a really long time for us to get there, but I do think we will get there eventually and it will take us going to those levels in the regression band, in my opinion, before we can actually support another bull run and support a sustained move in the market.
Eventually, once we get down to levels that are really deep value, it might be time to sort of flip back to the bullish side…
If you’re new to crypto and you’ve constantly doubted these sort of lower predictions, the last several months should have woken you up at this point that you should plan for these scenarios even if they don’t necessarily happen, but there is a high likelihood that they could happen.”
At time of writing, Ethereum is changing hands for $1,251, roughly 52% away from Cowen’s potential price target.