Ethereum’s price has been going down lately, just like Bitcoin. But a famous crypto analyst, Benjamin Cowen, thinks things might get even worse before they get better.
December Could Be a Turning Point
Cowen has noticed a pattern: Ethereum’s price often hits a low point in December, just like when unemployment rates in the US are highest. This happened in 2016 and 2019, and with unemployment rising again, he thinks it could happen again this year.
Ethereum’s Price Could Drop by 50%
Cowen believes Ethereum’s price could drop by a whopping 50% in the coming months. He thinks it could even fall below $1,200 by December.
A Possible Rebound After the Dip
While the drop might be scary, Cowen thinks it’s just a temporary dip. Once Ethereum hits its bottom, he expects the price to bounce back strongly.
Selling Pressure is High
Adding to the downward pressure on Ethereum’s price is the fact that big players are selling their tokens. MetaAlpha, a trading company, recently moved millions of dollars worth of ETH to Binance, and the Ethereum Foundation has also been selling off some of its holdings.
What Does This Mean for Ethereum?
Overall, Cowen’s prediction is that Ethereum’s price will likely continue to drop in the short term, possibly reaching a low point in December. However, he believes that this will be followed by a significant rebound.
