Like many crypto market analysts, Benjamin Cowen believes that the bear market is not closed. He says it should continue. In this context, he described what he believes could be the worst-case scenario for ether (ETH). This was as part of an interview with Altcoin Daily. decryption.
Ether (ETH) is seeking support at USD 600 or even lower
Crypto analyst Benjamin Cowen said macro headwinds could further affect cryptos. In particular, he examined the worst-case scenario for Ether (ETH) and believes the price could drop to $600. To some extent, he does not rule out the possibility of the second flagship crypto trading at $400.
“The worst-case scenario would depend on the severity of this potential recession. It’s hard to know exactly how this will affect crypto. But I would say for Ethereum the main levels I look at are the $400-$600 range (…) I don’t know if it will drop to $400. But I think $600 ETH is potentially playable. »he declared.
To reinforce his point, Cowen compared the bear cycles of ether (ETH) to those of bitcoin (BTC). According to him, ETH’s first cycle was a solid 95% bear market, while bitcoin’s first bear market was 94%. He goes on to say that bitcoin’s second bear market was around 87%. However, everything points to ETH following in BTC’s footsteps. So he notes that if Ether (ETH) drops 87% from its all-time high, or even 88%, it will just fall below $600.
“I think arguments can be made that Ether could have that final cap in the $400-$600 range”, he pointed out. In particular, he clarified that ether (ETH) will have good growth after touch ” the bottom “.
Separately, the analyst also talked about bitcoin (BTC). For him, the flagship crypto should not tumble like some altcoins, to find good support. Either way, he sees strong support at $15,000 and possibly another one below that level, but not too deep in the charts.
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Far from dampening my enthusiasm, a failed investment in a cryptocurrency in 2017 only added to my enthusiasm. I therefore decided to study and understand the blockchain and its many applications and to pass on information about this ecosystem with my pen.