Before entering the last week of May, the first approval for the spot Ethereum ETF was issued, and at that time, Ethereum’s price approached the $4,000 level. After this process, ETH, which started to decline again and could not fully recover despite the ETF’s operation, continues to be a subject of curiosity regarding its future. In this context, analysts’ comments are gaining importance day by day, offering investors different perspectives.
Ethereum Comments
While the Ethereum activity in the market continues, one of the well-known names in the market shared the roadmap he thinks Ethereum (ETH) will follow for the rest of 2024.
Crypto strategist Benjamin Cowen shared a YouTube video and revealed his Ethereum expectations in this post. In the post, he stated that if ETH rallies again, considering past price movements, it would not exceed the $3,000 price level.
ETH has been falling since March, so I guess if ETH rallies, it won’t rise above $3,000. I predict that this year it will be rejected by the bull market support band and will rise above the bull market support band again next year… I could be wrong.
Cowen noted that December was the period when ETH hit bottom, considering its past cycles. He explained that the last low level on the Ethereum side, depending on the market cycle, is likely to occur at the end of this year.
I think there is a situation that this could happen after all this time. I think if this is going to happen, the finale probably won’t be until the end of the year because in 2016, the bottom occurred in December before the jump, and in 2019, the bottom occurred in December before the jump. If history repeats itself in 2024, if the pattern continues, I guess there won’t be a permanent jump that can carry it to new highs until 2025. This doesn’t mean $3,000 can’t happen; it just means it will be much harder to see it.
How Much Will Ethereum Be?
Bitcoin price visited $65,000 during the night and then started to decline again. Following this decline, Ethereum price also experienced a drop of over 1% in the last 24 hours and continues to find buyers at the $2,727 level. The 7-day price indicator shows a 6% increase.
Ethereum’s market cap fell back to $328 billion, while its trading volume reached $10 billion after a 10% drop. This situation can be interpreted as a slight decrease in investor interest.
