Price Drops Below Bullish Support
Crypto analyst Benjamin Cowen has issued a bearish warning for Ethereum (ETH). According to Cowen, ETH has fallen below a key indicator known as the Bull Market Support Band (BMSB). This band is a combination of two moving averages used to determine if an asset is in a bullish or bearish trend.
Historical Precedents
Cowen points out that ETH has fallen below the BMSB twice before, and in both cases, it subsequently dropped by about 50%. Based on this historical pattern, Cowen predicts that ETH could decline to around $1,400 from its current price of $2,902.
ETH/BTC vs. ETH/USD
Cowen believes that the ETH/Bitcoin (ETH/BTC) pair may bottom out in the coming weeks, but the ETH/US dollar (ETH/USD) pair may take longer to find a bottom.
Disclaimer
It’s important to note that Cowen’s analysis is not investment advice. Investors should conduct their own research before making any investment decisions.
