Ethereum

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-analyst-benjamin-cowen-warns-of-potential-price-drop/" data-wpel-link="internal">Ethereum Analyst Benjamin Cowen Warns of Potential Price Drop</a> 
Famous crypto analyst Benjamin Cowen has voiced his concerns regarding the potential downward trajectory of Ethereum (ETH). The analyst suggested that the altcoin king might be repeating a historical pattern that could lead to significantly lower price levels. 
<h2 style="text-align: justify" id="strong-ethereum-faces-1-200-warning-strong">Ethereum Faces $1,200 Warning</h2> 
Speaking in a recent strategy session, Cowen highlighted similarities between Ethereum‘s current situation and past market cycles. He pointed out that Ethereum did not bottom out until it invalidated a breakout from an ascending wedge formation and then retested a macro low during the last bear market. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-316958" src="https://coin-turk.com/wp-content/uploads/2024/02/Ethereum-ETH-Altcoin-Takoz.png" alt="" width="1880" height="1252"> 
Cowen also emphasized the importance of Ethereum’s performance against <a href="https://en.coin-turk.com/microstrategys-bold-move-bitcoin-as-a-primary-treasury-reserve-asset/" data-wpel-link="internal">Bitcoin</a>, noting that a deterioration in the Ethereum/Bitcoin (ETH/BTC) ratio was followed by a drop in ETH’s value. 
While the ETH/BTC ratio is currently wavering at support levels, Cowen added that a potential breakdown could trigger further declines for ETH/USD. He suggested that if this scenario unfolds, Ethereum’s price could fall to the $1,200 level, drawing significant parallels with previous market movements. 
<h2 style="text-align: justify" id="strong-close-watch-on-eth-btc-ratio-advised-strong">Close Watch on ETH/BTC Ratio Advised</h2> 
Analyzing past data, Cowen noted that a breakdown in the ETH/BTC ratio in July 2019 preceded a significant drop in Ethereum’s USD value. He underscored the correlation between these events, adding that a similar pattern could emerge and potentially lead to a retest of previous low levels. 
Cowen highlighted that Ethereum’s price drop in December 2019 occurred after a disruption in the ETH/BTC trading pair, emphasizing the importance of this metric in predicting Ethereum’s movements. As ETH/BTC is currently trading close to support levels, Cowen mentioned that a downward break in the ratio could signal further downside for Ethereum’s value against USD. 
At the time of writing this article, the ETH/BTC ratio is trading at 0.05581 (equivalent to $2,927), which is above the 0.049 (equivalent to $2,570) level pointed out by Cowen. While Cowen’s analysis serves as a cautionary note for Ethereum investors, it also provides valuable insights into ETH’s future price movements, underscoring the need for close monitoring of the ETH/BTC trading pair. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-analyst-benjamin-cowen-warns-of-potential-price-drop/" data-wpel-link="internal">Ethereum Analyst Benjamin Cowen Warns of Potential Price Drop</a></h5>

Ethereum Analyst Benjamin Cowen Warns of Potential Price Drop

목차

COINTURK NEWS

2024년 2월 20일에 게재된 다른 기사

Market Maker DWF Labs Acquires $1 Million in ARPA Cryptocurrency

Google Introduces “Shop with Google AI” Feature, Revolutionizing Online Shopping Experience

Keyframer by Apple – Revolutionizing Animation Prototyping with Language-Guided Design

Optimism Distributes Over 10 Million Tokens to NFT Artists in Surprise Airdrop

Bitcoin and Altcoins Show Positive Trends Despite Volatility

How Bitcoin helped crypto inflows reach a 26-week high

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!