A widely followed crypto analyst is doubling down on his prediction for Ethereum (ETH), the top smart contract platform by market cap.
In a new strategy session, crypto analyst Benjamin Cowen tells his 787,000 YouTube subscribers that Ethereum is likely to collapse by the end of the year.
“I think Ethereum returns home before it goes on any sustained bull run. A lot of people got excited – I mean, they can get excited all they want about this rally. It’s still just a 2X move. You can celebrate a 2X move if you want, but you can get that in the stock market pretty easily. I mean, a lot of stocks do 2X moves…
You ride a 50X move up, and then, you know, you take a side, whether you’re bullish or bearish, and everyone celebrates $100 moves in either direction. But that’s not what you’re here for. What you’ll notice is that every time Ethereum made a rally to new highs, it did not happen until Ethereum went home first. ‘Home’ is the lower regression band. Right now, we need to see Ethereum go home for new highs to come.
[We’ve] still got to see ETH go home, my friends, and it hasn’t happened yet. So, I think that it will. And again, you can see on these lower time frames, at least over the last year and a little over a year, that it’s trying to hold those levels. But again, at some point, it likely breaks, and when it does, that’s likely when Ethereum starts to head home.”
According to an analysis published almost a year ago, Cowen says “home” for ETH is between $600-$800, where his own version of the logarithmic regression band sits.
Cowen says ETH will be coming “home” within the next several months.
“I think the most likely outcome is for Ethereum to drop below $1,200 within the next two and a half months and I mean it could certainly go lower.”
ETH is worth $1,572 at time of writing, down 5% in the last week.
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