Crypto analyst Benjamin Cowen, known for his accurate market predictions, is issuing a warning about altcoins. He believes Ethereum (ETH) is poised for a significant rally, potentially fueled by investors moving away from altcoins.
Ethereum’s Rise and Altcoin’s Fall
Cowen correctly predicted Ethereum’s price drop to its logarithmic growth trendline earlier this year. He now suggests that this “coming home” of ETH to around $1,550 has set the stage for a major shift. He argues that the overall altcoin market is down significantly against ETH since then. This means that while some altcoins may show gains in dollar terms, they’re losing value relative to Ethereum.
Cowen’s advice is simple: If altcoins are underperforming against ETH, it’s time to shift your focus to Ethereum. He emphasizes that this is a cyclical pattern; when altcoins weaken against Bitcoin (BTC), hold BTC; when they weaken against ETH, hold ETH.
Ethereum’s Path to New Highs
Cowen sees a clear path for Ethereum to reach new all-time highs. He points to a key resistance level around $4,000. Once Ethereum breaks through this level, he believes a significant rally is likely, potentially within the next six months. Currently, Ethereum is trading just below $3,725, putting it within striking distance of this crucial level.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always conduct your own thorough research before making any investment decisions.
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