Crypto analyst Benjamin Cowen is warning that Ethereum (ETH) could fall even further against Bitcoin (BTC). He’s telling his over 800,000 YouTube followers that ETH could drop by at least 5% against BTC in the coming months.
Ethereum’s History Repeating?
Cowen believes that Ethereum’s current price action is a repeat of what happened in 2016 and 2019. In those years, ETH dropped significantly against both BTC and the US dollar after breaking down against BTC.
Double-Digit Drop Predicted
He’s predicting a similar scenario this time around, suggesting that ETH could drop as much as 70% against the US dollar. That would put ETH around $1,200, a significant drop from its current price of around $2,400.
Bottoming Out?
While Cowen believes ETH could fall further, he also thinks it’s likely to bottom out sometime before the end of the year. He’s not entirely sure if it’s already hit its bottom, but he thinks it could go as low as 0.04 BTC.
Important Note: This is just one analyst’s opinion. It’s crucial to do your own research and not rely solely on one source for investment advice. The crypto market is volatile, and any investment carries risk.
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