A widely followed crypto analyst is charting the path he believes Ethereum (ETH) will likely follow for the rest of 2024.
In a new video update, crypto strategist Benjamin Cowen tells Its 808,000 YouTube subscribers said that if ETH were to spark a rally, it would not surpass the $3,000 price level based on previous market cycles.
“ETH has been falling since March, so I suspect that if ETH were to stage a rally it wouldn’t go much higher than $3,000.
My guess is that it will be rejected by the bull market support band this year and will be back above the bull market support band next year… I could be wrong.”
Cowen goes on to say that the final bottom of Ethereum’s market cycle will most likely occur towards the end of this year, as ETH bottomed in December in previous cycles.
“I think there’s an argument that this could happen after all this time.
I think if it’s going to happen, the finale of it probably won’t be until the end of the year because in 2016 the low happened in December before it rebounded and in 2019 the low happened in December before it rebounded.
If history were to repeat itself in 2024 and the pattern continues, I don’t think there will really be a sustained rebound that can take it to new highs until 2025. That doesn’t mean $3,000 can’t happen. just means it will be a lot harder to see.
Ethereum is trading at $2,731 at the time of writing, down 1.23% over the past 24 hours.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
Follow us further X, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: DALLE3
