It has been revealed that there is a new prediction about the price of ETH these days. Check out what the important analyst Benjamin Cowen says.
ETH new price prediction
According to crypto analyst Benjamin Cowen, Ethereum (ETH) is likely to see a significant drop before it reaches new all-time highs.
In a recent YouTube video, Cowen explained that he believes ETH must first return to its “home,” which refers to the asset’s fair-value logarithmic regression trendline.
Cowen, who has over 786,000 subscribers, noted that ETH has historically returned to this trendline before experiencing bull runs.
The analyst explained that the logarithmic regression band is designed to track an asset’s fair value using non-bubble data. Currently, the middle part of the band sits at $934 and the lower part is at $644.
An analyst has observed that during the previous cycle in 2020, Ethereum fell by 33% below the regression band. Consequently, the analyst believes that an ideal accumulation range for Ethereum would be between $400 and $600.
Cowen predicts that it’s highly likely that ETH will end the year with a lower value than its initial price, following the same pattern as 2019 when it began at $1,200.
At present, ETH is trading at $1,635, and it has dropped by almost 1.75% within the last 24 hours.
ETH new price prediction
An influential crypto strategist, who goes by the name Credible Crypto and has a large following of over 345,900 on social media platform X, has recently shared their belief that Ethereum has already hit the lowest point of the bear market. According to the analyst, Ethereum seems to have established a solid price floor following the recent market correction.
Credible Crypto further predicts that Ethereum is likely to break out from an ascending triangle pattern as long as it maintains its current support level of around $1,440.
“I think it’s worth pointing out that on this latest dip, we hit the high timeframe zone that I previously said would be a ‘fantastic buy’ if we get there back in May, and my opinion on that hasn’t changed.
If I’m right about BTC, then I’m likely right about ETH too, and that green zone below us was likely our bottom.
As long as it holds, I expect this ascending triangle-like structure to actually play out.”
