Crypto analyst Benjamin Cowen is forecasting a significant Ethereum (ETH) correction before the end of the year. In a recent interview on the Bankless podcast, Cowen shared his insights, suggesting that Ethereum could experience a drop of more than 48% from its current value before rebounding at the beginning of 2025.
“My base case right now is that ETH/USD will remain above $2,000 for a little while longer, but it may dip below $2,000 in Q4. However, I foresee a bounce back starting next year,” Cowen explained.
However, Cowen also highlighted a potential game-changer that could alter his predictions – a recession. He expressed his hope that the Federal Reserve has not disrupted the markets for an extended period. Cowen cautioned, “What happens if we deviate from the four-year cycle? If we face a recession or any other significant event, all bets are off.”
Drawing parallels from historical patterns in 2016 and 2019, Cowen pointed out that Ethereum could follow a similar trajectory. He suggested that ETH might decline to $1,200 before experiencing a bullish reversal.
“At its current price of just below $2,400, it could potentially linger here for a few more weeks before dropping off. This could lead to panic in the market, with many fearing the onset of a recession. However, this dip may be part of the natural cycle, and Ethereum could see a substantial bounce from that point onwards,” Cowen elaborated.
Currently, Ethereum is trading at $2,342, marking a nearly 5% decrease over the past seven days. Cowen’s insights provide valuable perspectives for investors and traders navigating the volatile cryptocurrency market.
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In conclusion, Benjamin Cowen’s analysis sheds light on the potential future movements of Ethereum, offering valuable insights for investors looking to navigate the market effectively. Stay informed, stay connected, and stay ahead in the world of cryptocurrencies.
