Crypto analyst Benjamin Cowen, who correctly predicted the recent crypto market downturn, is warning Ethereum (ETH) holders about a potential massive price drop.
Ethereum’s History of Corrections
Cowen, who has a large following on social media, believes that Ethereum is poised to repeat its significant price corrections from 2016 and 2019. He points to the recent decline in ETH’s price against Bitcoin (BTC) as a sign that a similar pattern is unfolding.
A 70% Drop?
Cowen previously predicted that ETH would lose 70% of its value and fall to around $1,150. He argues that this type of correction is historically common after ETH/BTC breaks down.
The Fed’s Role
Cowen suggests that Ethereum’s price could plummet further after the Federal Reserve cuts interest rates, which is widely expected to happen soon. He believes that Ethereum’s price action in 2019, when it saw a sharp decline after a rate cut, is a good indicator of what might happen this time.
Bitcoin and Altcoins Also at Risk
Cowen previously predicted a significant correction in Bitcoin (BTC) and other altcoins, citing similarities to the 2019 market cycle.
What to Do?
While Cowen’s predictions are based on historical patterns, it’s important to remember that the crypto market is highly volatile. Investors should conduct their own research and make decisions based on their own risk tolerance.
