Cryptocurrency analyst Benjamin Cowen recently said Ethereum He attracted attention with his prediction. Cowen warned that ETH has the potential to fall below the $1000 level.
Cowen’s analysis is largely based on Ethereum’s past behavior. The analyst highlighted that ETH typically retests the integrity of major cycle lows at least twice before moving into a new bull phase. This pattern is evident in retests of cycle lows from 2015, 2016, and 2020. But the 2022 low point has yet to undergo that critical retest, according to Cowen.
He predicts that Ethereum’s price action will initially occur in the ETH/BTC pair, followed by a reaction in the ETH/USD pair, possibly later this year.
As Koinfinans.com reported, this pattern is supported by the observation that Ethereum tends to reach a historical low and then avoid retesting it. This means the price will somehow retest $1000.
However, the analyst believes that some external factors, especially the Ethereum ETF approval, may delay this collapse. Although the price is currently trading at $2268 cryptocurrency Since the market is very active by nature, possible declines and rises can occur at any time.