Analyst Benjamin Cowen Comments on Ethereum (ETH): Fall or Rise?

Widely followed cryptocurrency analyst Benjamin Cowen, Ethereum (ETH) He warned that it could collapse due to a major economic concern.

Cowen Claims Ethereum Price Could Drop Further

In a new strategy study, Cowen claimed to 779,000 Youtube subscribers that ETH could drop more than 65% from its current price of $1,178:

“I think we are still heading lower in Ethereum’s valuation against the US dollar. I think the $400-$600 range is a good spot to start seeing the same level of value as we saw in the last cycle.”

Cowen also keeps a close eye on the social risk metric, an indicator that measures individual interest in the industry by tracking the number of people following crypto YouTube channels and following accounts for digital assets on Twitter.

According to Cowen, Ethereum’s social risk metric shows that ETH is preparing for another wave of selling:

“I still think Ethereum will eventually face lower prices. I think this is supported by the idea of ​​social risk. Social risk is finally hitting new lows. Typically when social risk falls bitcoin dominance grows…

When social risk fell as it did here in 2018, this is where Ethereum started to decline.”

Cowen also says that a recession likely triggered by the FED’s continued increase in interest rates will drag ETH down:

“You know that a $600 Ethereum or $400 Ethereum means a 50% or more correction from these levels. But I think there are reasons to think that this could happen, not only from a price point of view, but also from a technical standpoint.

I know that there is also some kind of basic idea behind the ETH tokens that have been burned so far. But on the other hand, we are on the verge of a recession. If a recession were to come, that would probably not bode well for risky assets like cryptocurrencies.”

*Not investment advice.