Crypto analyst Benjamin Cowen is predicting a potential further drop for Ethereum (ETH), linked to a weakening stock market.
Stock Market Weakness Could Impact Ethereum
Cowen, who boasts a massive YouTube following, points to potential weakness in the S&P 500 throughout April. He suggests that historical trends indicate this weakness could drag ETH down with it. He cites upcoming tariff uncertainties and key economic data releases in early to mid-April as potential factors influencing market behavior and potentially impacting inflation.
Ethereum’s Potential Price Drop and Recovery
Cowen suggests ETH might fall to its logarithmic trendline, potentially hitting a low of around $1,044, before a significant rebound. He highlights a “triple top” pattern on the ETH/USD weekly chart, suggesting a possible market correction before a larger upward trend. He believes this correction could be related to recessionary pressures, with the market anticipating a downturn before it’s officially declared. His prediction involves ETH eventually reclaiming the $3,000 support level.
Current Ethereum Price and Disclaimer
At the time of writing, ETH is trading at $1,909, showing a 4.7% increase over the past 24 hours. It’s important to remember that this is just one analyst’s opinion, and cryptocurrency investments are inherently risky. Always conduct your own research before investing.
