A trader and crypto analyst who is obsessed with the crypto community predicts that the leading smart contract platform’s bull market could extend into 2022. EthereumHe describes it as “a complete beast”.
Benjamin Cowen told 598,000 YouTube subscribers in a new strategy session that Ethereum (ETH) has been in a strong uptrend since March 2020.
“Take a broad view of Ethereum; Look at what he’s done in the last 18 months, or even more. It basically just rises over time.” ”
According to Cowen’s chart EthereumIt is in a steady climb following a bullish streak from a low of $86 in March 2020 to $4,743. From the trader’s long-term perspective, Ethereum has made staggering gains of over 5.35% in less than two years.
The crypto analyst also said he believes Ethereum’s uptrend will continue into the next year, citing several key catalysts that could take ETH’s value to new heights.
“I still believe that entering 2022 should be relatively bullish for Ethereum, especially with The Merge and other events to come. I also assume that some of the things we will be speculating about in 2022 will be things like a futures ETF (currency trading fund) for Ethereum and more institutional investors will come to this space.”
The Merge is the highly anticipated Ethereum upgrade that will replace the network’s existing proof-of-work consensus mechanism with a more environmentally friendly, secure and efficient proof-of-stake model. The Merge is expected to take place as soon as the first quarter of 2022.
By looking at Ethereum on the Bitcoin (ETH/BTC) pair, Cowen summarizes what he believes will be the next major turning point for the pair.
“I think the obvious goal will be to break the local high first and then reach 0.1 BTC ($6,597). That would be pretty significant. What does 0.1 BTC mean? Only 10% of Bitcoin… So if Bitcoin is at $61,000, then ETH/USD is at $6,100… That would be an important milestone.”
Cowen adds that he believes Ethereum will continue to outperform other altcoins in the long run.
“At the end of the day, Ethereum is a beast. And you wonder why so many altcoins are losing ground against Ethereum. Look at it this way: this is what altcoins have to catch up with [ETH]. Many simply cannot keep up with it. And this pace of progress is unlikely to slow down anytime soon as Ethereum is moving. That is the point.”
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.