Popular crypto analyst Benjamin Cowen thinks Ethereum (ETH) is in for some tough days ahead despite its price surge this month.
Cowen tells his 783,000 YouTube subscribers that he believes it is likely ETH will drop to the $600-800 range, a roughly 50-60% fall from current prices.
Ethereum is trading at $1,579 at time of writing. The second-ranked crypto asset by market cap is down by more than 2% in the past 24 hours but up nearly 4% in the past week.
Cowen says ETH’s price decrease will bring it back “home” to its fair value logarithmic regression line fit to “non-bubble data.”
“My opinion is that a sustained bull market for Ethereum will not occur until Ethereum spends some time at home base. I understand that we’ve sort of been flirting with that level for a while, but to my surprise in fact and to Ethereum’s credit, it has remained much more resilient than I thought it would be…
Despite that, I still do think it is more likely than not that eventually it’s going to go into this lower regression band. Whether that means we go to it or it comes to us of course is up for interpretation. I think it’s more likely going to eventually break to the downside.”
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