Crypto analyst Benjamin Cowen predicts that Ethereum may undergo a deeper correction by the end of the year. In statements made on the Bankless podcast, Cowen expressed that Ethereum could lose more than 48% of its current value and might show signs of recovery by early 2025.
Market Expectations
Cowen indicated that while Ethereum could remain above the $2,000 level for a while, it might dip below this threshold in the fourth quarter. Furthermore, he mentioned that he would reassess his expectations if a recession occurs, as market conditions could vary significantly.
Historical Trends
Cowen noted that Ethereum might be following its logarithmic trend lines from 2016 and 2019, predicting that the price could drop to $1,200 before entering an upward trend. He stated that Ethereum is currently just below the $2,400 mark and could experience a downturn following interest rate cuts.
Current Market Status
As of the writing, Ethereum was trading at $2,342, having suffered nearly a 5% drop over the past week. According to Cowen’s analysis, Ethereum’s future movements could change based on market conditions.
Cowen’s analysis highlights the uncertainties in the cryptocurrency market and potential economic fluctuations. He emphasizes that external factors like a recession could significantly impact Ethereum’s value. Such analyses can provide crucial insights into market dynamics for investors. However, it remains essential for investors to conduct their research and seek professional advice before making decisions.
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