Popular cryptocurrency analyst Benjamin Cowen Ethereum shared a scary scenario. According to the analyst, a major economic concern could trigger a 64% collapse in ETH price.
Benjamin Cowen expects a drop in Ethereum’s value against the US dollar. The analyst stated that his expectation is in the range of $ 400-600.
Cowen also noted that he also closely monitors the ‘social risk metric’ by following crypto-themed social media accounts. The analyst noted that the Ethereum social risk metric points to a new selling pressure.
“As a result, I think the Ethereum price will go down. This decline forecast is also supported by the social risk metric. The decline in social risk also triggers an increase in Bitcoin dominance.
When social risk dropped as it did here in 2018, Ethereum’s next drop took place at this point as well.”
Cowen also thinks that a possible recession, which will be triggered by the Fed’s continuous increase in interest rates, will lower the Ethereum price.
“A level of $400 to $600 means an average 50% correction to us. 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.
And I know that all Ethereum burned has a basic idea, and there are other things too. But the other side of the matter is that we are facing a recession… If a recession is coming, it is probably cryptocurrency It will not be a good thing for risky assets such as
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.