There’s a new prediction for the price of Ethereum, and it looks like the digital asset could suffer a correction soon. At the moment of writing this article, ETH is trading in the green, and the coin is priced at $1,811.

New ETH prediciton is out

Crypto analyst Benjamin Cowen, who has a significant following, is cautioning that Ethereum (ETH) may experience a significant correction.

He believes that the leading altcoin is likely to retest a long-term trend indicator before it can initiate a new bull market.

During a recent strategy session, Cowen informed his 785,000 YouTube subscribers that Ethereum has been utilizing the fair-value logarithmic regression band as support since 2017.

The logarithmic regression band is intended to monitor an asset’s fair value using “non-bubble data,” as per the analyst.

Cowen stated the fact that in an optimistic scenario, Ethereum may retest the upper bound of the trend indicator, which he notes coincides with ETH’s bear market low at around $875.

“Now, an interesting development is that the fair value according to this fit to non-bubble data of Ethereum is at $875, but the prior low was actually at $880. So they’re essentially the same.”

He continued and said the following:

“If Ethereum went back down to its prior low, that would get it back home. And we talked about this a year ago. I said, ‘Look guys, what I think is going to happen is we either go down to the regression band or we go sideways until it catches up.’ Now, if we were to dump now, if we were to dump to what I’ve called home before, it would actually correspond to the prior low.”

There are a lot of exciting moves taking place in the crypto space these days which have been boosting the price of BTC. Stay tuned for more news and make sure to check out the markets.

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