A widely followed cryptocurrency analyst has doubled down on his prediction about Ethereum (ETH), the top smart contract platform by market value.
In a recent strategy session, cryptocurrency analyst Benjamin Cowen, through his YouTube channel, suggested to his subscribers that Ethereum, the leading smart contract platform, is likely to collapse by the end of the year. The analyst stated:
I think Ethereum has come back home before embarking on a bull run. Many people are excited, so they can be as excited as they want for this rally. This is still only a 2X move. You can celebrate a 2X move if you want, but you can easily achieve it in the stock market. What I mean is, many stocks make a 2X move… You move up 50 times, and then, whether you’re on the rise or in the fall, you pick a side and everyone celebrates a $100 move in both directions. But that’s not why you’re here. What you will notice is that every time Ethereum reaches new highs, it doesn’t happen until Ethereum returns home for the first time. “Home” is the lower regression band. We need to see Ethereum returning home for new highs.
He also stated that his expected downward momentum in Ethereum, the leading smart contract platform, has not yet occurred:
We still need to see the return of ETH, my friends, and that has not happened yet. So I think it will. And again, on these lower time frames, at least for the past year and a little over a year, you can see that it has been trying to hold these levels. However, at some point, it will probably break and when it does, Ethereum is likely to start returning home.
“ETH at $600 Level!”
According to an analysis published almost a year ago, Cowen mentioned that the level he referred to as “home” for ETH is between $600 and $800, and that there is a logarithmic regression band (LGC) of his own version. Cowen suggested that ETH will return “home” in the next few months. The analyst emphasized the following:
In my opinion, the most likely outcome is for Ethereum to fall below $1,200 in the next two and a half months and definitely go even lower.
