Ethereum The price has been showing an upward trend for several months since June 2022. Leading cryptocurrency analyst Benjamin Cowen stated that he expects a drop in ETH price after the network upgrade. The analyst expects a drop of more than 57% if the feared scenario materializes.
Benjamin CowenAccording to ETH, ETH will eventually decline to its key levels as it refers to the fair value logarithmic regression trendline using “non-bubble data”.
Koinfinans.com As we reported, the Shapella upgrade on the Ethereum network rebounded the token price and helped it rise above $2,000. Despite this recovery, the analyst believes the logarithmic regression chart will revisit the lows in the upper and lower ranges.
The fair value logarithmic regression trendline is currently around $800, according to Cowen. He also adds that there is a possibility that Ethereum will follow a similar pattern to what happened in 2019 and 2020, when ETH fell below the fair value logarithmic regression trendline.
Where is the base level? If you look at where the base was in the summer of 2022, it was around $600. Now it’s around $800. OK, but also while you’re here [2019 ve 2020’de] Remember, too, that we actually fell below the fair value, which is the middle line. And the lower boundary of the lower regression trendline is currently at $574.
If Ethereum declines to these levels, a price between $400 and $600 is quite possible. Although the analyst says that these levels are the worst-case scenario, he thinks that the levels of 700-800 dollars should be followed closely.
You can follow the current price action here.