Crypto analyst Benjamin Cowen predicts that Ethereum (ETH) might experience one final correction before reaching new all-time highs.
The BOJ’s Influence
Cowen points to a connection between the Bank of Japan (BOJ) raising interest rates and subsequent dips in the Ethereum market. The BOJ increased rates in March and July 2024, and again recently. These rate hikes were followed by significant Ethereum corrections in April and August. He suggests the latest rate hike could foreshadow another short-term drop for ETH.
The Final Dip?
Cowen believes this potential correction could be the last major downturn before ETH rockets to new record highs. He explains that if a drop occurs, pushing ETH below its bull market support band, it would likely be the final dip before a significant price surge.
“If there has to be an event to trigger a big market shift, this might be it,” Cowen stated. He acknowledges that this is just his prediction and other factors, like Federal Reserve actions, could influence the market. He references past instances where the market initially seemed unaffected by the BOJ’s actions, only to experience a sharp decline later.
ETH’s Future
Cowen remains optimistic about Ethereum’s long-term prospects, maintaining his belief in its potential to reach new all-time highs. However, he cautions that another correction remains a possibility. At the time of writing, ETH is trading around $3,167.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
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