The crypto market is undergoing a new correction these days and most of the coins are trading in the red. Check out some new predictions about the second coin on CMC, according to its market cap.
New ETH price prediction
It’s been just reveaed that crypto analyst and trader Benjamin Cowen is addressing what he thinks is ahead for Ethereum (ETH) moving into 2022.
In a new strategy session, Cowen explained that Ethereum has been in a consolidation phase for the better part of 2021.
In order to forecast what could happen next for ETH, the analyst looks at previous consolidation phases in 2016 and 2017, both of which preceded massive breakouts to the upside.
Cowen explained some combination of these two phases likely awaits Ethereum today.
“What I’m thinking is it’s probably not going to be either of them. It could be a mix of the two. Maybe we do something in the middle and we breakout. I don’t know exactly but I would expect Ethereum to put in all-time highs in 2022 and potentially continue moving on into 2023, but I think it is highly speculative to count on that at the moment.”
Cowen also said that Ethereum’s current consolidation phase is similar to 2016 in that it’s sticking within a 2x window.
While ETH ranged between $8 and $16 in 2016, it has been hovering between $2,000 and $4,000 for the better part of 2021, as you probably know by now.
At the moment of writing this article, ETH is trading in the red and the coin is priced at $3,835.
The analyst says that Ethereum’s consolidation could last as long as mid-2022. He also made sure to say that a breakout will be the likely end result.
“I would expect $10,000 is a reasonable target. We could even go as high as $20,000. It’s hard to know… I’m imagining continued sideways movement for a little while, especially with Bitcoin looking somewhat weak at the moment.”
Stay tuned for more news.