One of the most popular cryptocurrency analysts in the world. Benjamin Cowen, Second largest cryptocurrency by total market capitalization Ethereum (ETH) believes that the correction process is not over yet. In his new video, the analyst addressed his 713,000 followers and commented on Ethereum’s reactions.
Ethereum Ends Bull Season
Cowen said that Ethereum is currently drawn to the most important support of the bull market, and 20 SMA with 21 EMA He stressed that losing points could be the end of everything. According to Cowen, Ethereum’s failure to reach the support point of the bull market and remaining below two important supports indicates that the downtrend will continue.
Analyst, who also examined the ETH/BTC parity, stated that this parity is also bearish. Noting that the bull market is far from the support point, the analyst emphasized that the value of ETH/BTC is also below the expected. Stating that Bitcoin is more optimistic in any case, but ETH will continue to lose value, the analyst said, $2,000 expects a decline.
Cowen also stated that the macro range started from $ 1,700 and went up to $ 4,000. This claim of the analyst indicates that even $1,700 can be tested in the worst case.
The second largest cryptocurrency by total market capitalization is currently trading at over $2,700.