The crypto analyst Benjamin Cowen just revealed an Ethereum warning. Check out the latest reports about this below.
Ethereum warning gets out
It’s been just revealed that the popular crypto analyst Benjamin Cowen thinks Ethereum (ETH) is in for some tough days ahead despite its price surge this month.
Cowen just explained that he believes it is likely ETH will drop to the $600-800 range, a roughly 50-60% fall from current prices.
Ethereum is trading at $1,579 at the time of writing. The asset is down by more than 2% in the past 24 hours but up nearly 4% in the past week.
Cowen says ETH’s price decrease will bring it back “home” to its fair value logarithmic regression line fit to “non-bubble data.”
“My opinion is that a sustained bull market for Ethereum will not occur until Ethereum spends some time at home base. I understand that we’ve sort of been flirting with that level for a while, but to my surprise in fact, and to Ethereum’s credit, it has remained much more resilient than I thought it would be…”
He continued and said the following:
“Despite that, I still do think it is more likely than not that eventually, it’s going to go into this lower regression band. Whether that means we go to it or it comes to us of course is up for interpretation. I think it’s more likely going to eventually break to the downside.”
Ethereum staking project
Pseudonymous crypto strategist Kaleo said recently that LDO looks strong and seems poised for a rally against Bitcoin (LDO/BTC).
“If there’s one thing I’ve learned over the past six years, it’s not to fade strength. Longing Lido before price discovery seems like a much better play than trying to long your favorite shitcoin from last cycle that’s still down 80% from the highs hoping for a bounce.”
Check out our previous article in order to learn more details.
