Well, this could come as bad news for many! Benjamin Cowen, a respected analyst, has raised a red flag regarding Ethereum’s future compared to Bitcoin. Widely recognized for his precise predictions, Cowen recently shared crucial insights on YouTube, pointing towards a potential downturn in Ethereum’s value.
At present, Ethereum is cautiously navigating around $2,297, reflecting a modest 0.33% dip in the last 24 hours.
But what’s coming next? Read on to find out.
Cowen’s Bearish Analysis
In a recent video, Benjamin Cowen, known for his accurate crypto predictions shared his thoughts about Ethereum (ETH), he believes that Ethereum’s value might drop a lot, possibly below $1,000 before entering into a bullish period.
Cowen looks at how Ethereum has behaved in the past and sees a historical pattern where it usually goes down, then a bit up, and then down again. This makes him think that Ethereum might still have to go down again before things get better.
Key Indicator to Focus On
Cowen emphasizes the importance of the ETH/BTC pair, warning that a breakdown could lead to a significant drop in Ethereum’s USD value. Historical data supports this correlation.
That’s why Cowen predicts that Ethereum might go back to low values below $1,000, especially if the ETH/BTC pair breaks down.
Also Read: Crypto Market Analysis: Bitcoin, Ethereum, and Solana Price Prediction For This Week
Understanding Bitcoin’s Impact
Highlighting the symbiotic relationship between Ethereum and Bitcoin, Cowen predicts that a surge in Ethereum’s value hinges on a preceding uptick in Bitcoin. The gravitational pull of Bitcoin’s market dynamics significantly shapes Ethereum’s journey.
Acknowledging the inherent unpredictability of predictions, Cowen factors in variables such as the Ethereum spot ETF and Bitcoin halving narratives. He emphasizes the intricate nature of market dynamics, recognizing their role in shaping Ethereum’s future.
Could An ETF Help?
While Cowen urges caution, optimism surrounds the prospect of Ethereum’s price surge if the SEC greenlights spot Ethereum ETFs. BlackRock’s extension and other major players, including VanEck, ARK 21Shares, Fidelity, Invesco Galaxy, Grayscale, and Hashdex, submitting ETF proposals, with decisions looming by March 10 and deadlines ranging from May to July, add layers of anticipation.
Read More: Approval for Ethereum ETFs Coming Soon? Key Challenges You Should Know
As Ethereum stands at a crossroads, Cowen’s insights raise crucial questions about its future trajectory. Will Ethereum weather the storm, or will regulatory decisions reshape its path? We’re all waiting and watching.