Cryptocurrency analyst Benjamin Cowen warns that a weakening stock market can lead to Ethereum (ETH) re -testing a lower price levels.
In a new strategy session, Cowen tells His 889,000 YouTube subscribers that the S&P 500 can continue to show weakness in April, which, based on historical priority, can lead to ETH also falling.
“What I wonder is what happens when you see that the S&P 500 continues to show the weakness in early until mid -April? Remember, we said that between February there will be a weakness between February (option for expiration week) and March Opex.
And the reasons for this may be due to tariff uncertainty on 2 April. It can also be due to it, there are many macrodages from early until mid -April that I think the markets will be interested. And one of the reasons why I think the markets are interested in it is because it may have an effect on inflation with all these rates. ”
Cowen says that ETH can fall to its logarithmic trendline, possibly as low as $ 1,044, in the midst of recession pressure, before the level of $ 3,000 is recovered as support.
‘I just look here at ETH/USD [on the weekly chart]And I see a triple top, and I just have to wonder that it ultimately culminates in a recession, where everyone thinks that by the time the recession is explained that it is over, but the reality is that the market praises it in well before time, so that you get this big drop and then a big movement of it. We’ve been talking about that for a while and it’s the whole idea that ETH is going home. “
ETH has been traded for $ 1,909 for the past 24 hours at the time of writing, an increase of 4.7%.
https://www.youtube.com/watch?v=S-Vdunlqu0
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