Crypto analyst Benjamin Cowen is predicting a rough ride for Ethereum (ETH) in the coming months. He believes the cryptocurrency could drop significantly before the end of the year, potentially falling below $1,200.
A Deeper Correction on the Horizon
Cowen, in a recent interview, stated that he expects ETH to dip below $2,000 in the fourth quarter of 2023. He anticipates a rebound starting in 2025, but warns that a recession could significantly alter his outlook.
“My base case is that ETH hangs around above $2,000 for a bit longer, then dips below that mark in Q4. But if we get a recession, all bets are off,” Cowen explained.
Following a Historic Pattern?
Cowen believes that ETH might be mirroring a pattern observed in 2016 and 2019. During those years, ETH touched its logarithmic trend line before experiencing a significant rebound.
“Right now, ETH is just below $2,400. I think it might hang around here for a few more weeks after interest rates are cut, then fall off. Everyone will freak out about a recession, but in reality, it was always going to happen. And from there, we could see a pretty big bounce,” Cowen said.
ETH’s Current Performance
At the time of writing, Ethereum is trading at $2,342, down almost 5% in the last week.
It’s important to remember that these are just predictions and not financial advice. Always do your own research before investing in cryptocurrencies.
