Crypto analyst Benjamin Cowen is predicting a deeper Ethereum (ETH) correction before the year’s end.
In a new interview on the Bankless podcast, Cowen says Ethereum could dip more than 48% of its current value before rallying at the start of 2025.
“My base case right now is that ETH/USD, it still stays up here a little bit longer, above $2,000. It goes below $2,000 in Q4 and then, starting next year, it bounces out of that.”
Cowen warns that if a recession occurs it would change his outlook.
“My hope is that the Fed has not absolutely wrecked the markets for a long time. The caveat to this is that what happens if we deviate off the four-year cycle? And that’s always a possibility. If we get a recession or something that could change things. And then all bets are off.”
Cowen also says that ETH may be following a historic pattern from 2016 and 2019 when ETH tagged its logarithmic trend line, and predicts ETH could dip to $1,200 before a bull reversal.
“Right now [ETH] is right below $2,400 so I’m wondering if you’re just going to hang out here for a couple more weeks after rate cuts [then] fall off. Everyone freaks out because they’re like, Oh the recession’s here. But in reality that is just where it was always just going to go anyways and then from there you could make a strong case that it could get a pretty big bounce out of that.”
Ethereum is trading for $2,342 at time of writing, down nearly 5% in the last seven days.
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