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Ether (ETH) is not ready for a new bullish cycle!

Fri 24 Mar 2023 ▪ 3 min of reading ▪ by Luc Jose A.
Getting informed Altcoins

The two biggest cryptos by market cap have been on a relatively upward trend since the beginning of the year. Several analysts have recently stated that this trend could continue for ether (ETH) – particularly. Santiment has actually suggested that Ethereum has the potential to climb to more than $2,000, up from around $1,800 currently. But, for analyst Benjamin Cowen, we shouldn’t expect a significant rise in ETH’s price anytime soon.

Ether coin (ETH) on blue background.

Benjamin Cowen alerts investors to Ethereum

Cowen argues that Ethereum is not ready for a major rally, even though it is currently managing to overcome the turbulence. Instead, the crypto strategist expects a massive correction for the second-biggest crypto by market cap. He submitted that this decline could be seen in the short term. He did not fail to explain the origin of this bearish sentiment. Indeed, the latter was born following the crypto’s unsuccessful efforts to break above a key resistance level. The crypto analyst made his prediction in a new video posted on YouTube on March 21.

Benjamin Cowen said that the key resistance level being discussed is the $1,800 price. “There’s so much anxiety in this level like I think it’s much more likely to break down eventuallythe analyst explained. Cowen added that the level of apathy in the market is currently low. According to him, it is lower than it was during the 2019/2020 bear season.

Specifically, the analyst said, “I will be the first to admit it’s taking longer than I thought it would. But I also don’t really feel that same type of apathy in the market now that I did back in 2019 and 2020.” He noted that if ETH fell into triple digits, the level of apathy could increase. “I imagine that if it were down here (around $700), the apathy would really set in.” he said.

Strategist at Bloomberg Mike McGlone predicted in December that ether will overtake bitcoin in the next bull run. But, Benjamin Cowen observed that currently, it is bitcoin that is outpacing its larger rival. He noted, “Ethereum has been showing a lot of weakness recently and Bitcoin has continued to push up while Ethereum/Bitcoin valuation has been getting very very weak. And unfortunately, this time it doesn’t really have The Merge to sort of generate hype.

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Luc Jose A. avatar
Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.