Crypto strategist Benjamin Cowen Ethereum He shared a bearish forecast as his chart’s efforts to break above a key resistance level failed. Here is the analyst’s remarkable comment.
Expressing his views in a new video he published Benjamin CowenHe dwells on the possibility of a drop amid “concern” levels for Ethereum at the $1,800 price level.
According to Cowen, the level of “apathy” in the market is not that high compared to the 2019/2020 bear season.
There is so much concern at this level ($1,800 resistance) that I think it’s much more likely to break down eventually…
NEWS CONTINUES BELOWI’ll be the first to admit that this is taking longer than I thought. However, I do not currently feel the indifference that I felt in 2019 and 2020 in the market.
Ethereum is trading at $1,736 at the time of this writing.
Cowen says that if ETH drops to triple digits, the level of apathy towards the asset will rise.
It doesn’t remind me of 2019 or 2020 yet. But if it was around $700, I imagine the apathy would really settle. That’s when it reminds me of that era.
Cowen thinks Ethereum is underperforming Bitcoin (BTC) and is currently facing a number of challenges, such as the transition to a proof-of-stake consensus mechanism last year, rather than tailwinds that could push its price up.
You can follow the current price action here.