A closely watched crypto analyst says there is a good chance that Ethereum (ETH) will finally capitulate in the coming weeks.
In a new strategy session, crypto trader Benjamin Cowen tells its 819,000 YouTube subscribers expect that, based on a pattern of Ethereum bottoming in the fourth quarter, ETH will fall to its logarithmic trendline, possibly as low as $1,000.
“When I look at the cycle, I see ETH at $2,400 and I think there’s a very good chance that in a few months, probably in less than two months, we’ll look back on this and see that Ethereum is finally disappeared. at home and it took until the fourth quarter of 2024 to do that…
In 2016, you can see that Ethereum finally hit the lower logarithmic correction trendline in early to mid-November. In 2019 he came in in August, but then he came back up again and only really stayed there sustainably until almost the end of September and October.
This time it was tagged in August just like in 2019. If you look at 2019 it went down in August you can see it went down it tagged it in August got a little rally and I think it was on about to get that drop.
Cowen says that Ethereum’s rallies this year, as in 2019, do not have the strength to enable a move to new all-time highs.
“When you look at it this time, what do you notice? It is not reaching the 20-week SMA (simple moving average), as it was not in 2019. Any move up is just a rejection by the 21-week EMA (exponential moving average). It doesn’t even have the strength to hit the 20-week SMA, and this is exactly what happened in 2019, just before Ethereum capitulated in mid-November, and so I make no apologies for my views.”
Ethereum is trading at $2,446 at the time of writing, down 3% on the day.
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