Renowned analyst Benjamin Cowen has shared a forecast that stock market weakness could negatively affect Ethereum (ETH) value.
Stock Market and Its Impact on ETH
Benjamin Cowen highlights the weakness observed in the market during February and March, expecting this trend to continue into early April. He emphasizes that customs uncertainty and macro data to be released in April could pressure the markets. Such data could particularly influence inflation expectations, leading to shifts in investor positions.
Technical Outlook and Support Levels for Ethereum
Cowen suggests Ethereum could retreat to its logarithmic trend line, indicating a level around $1044. This region could be tested during intense recessionary pressures. However, following such a decline, the $3000 level could become a strong support for Ethereum.
Economic Environment's Influence on Ethereum
The recent noticeable weakness in the S&P 500 index makes Cowen’s warnings more significant. Pressure on stocks could directly affect cryptocurrency investors, necessitating a reassessment of investment strategies. During this period, investors should pay attention not only to technical analyses but also to macroeconomic developments and market sentiment.
Cowen’s comments emphasize that Ethereum is shaped not only by internal dynamics but also by the global economic climate. In this context, investors must pay attention to both chart data and economic trends.
