Renowned crypto analyst Benjamin Cowen, known for his accurate predictions, has issued a warning to investors about a looming major collapse for Ethereum (ETH), the largest smart contract platform.
Cowen’s Frightening Prediction for ETH
In his latest strategy session, crypto analyst Benjamin Cowen predicted a free fall for Ethereum’s price in the range of $400-800 based on market capitalization. He stated, “There is a high probability of the price hitting a lower level and it may not necessarily be a significant bottom formation, possibly only reaching just below $800. Alternatively, the price could form a much heavier bottom formation and drop to $600, $500, or even $400.”
Cowen also emphasized that a downward movement towards his targets would make 2023 a year where both Ethereum bulls and bears would be sufficiently devastated. He used the following statements:
There have been occasional upward rallies to excite everyone. The gains from these rallies were gradually lost, and then the price dropped down by the end of the year. There were movements where it went up again, right?
Similar movements may occur again. There may be a bottom formation followed by a rise, and then a drop again. In this way, both bulls and bears will be sufficiently devastated towards the end of the year before the block reward halving.
In summary, both sides will think they were right throughout the year, but in reality, one side will only be right in the first half of the year, and the other side will be right in the second half of the year, but everyone will be devastated by the end of the year.
Analysis of the Downtrend for Ethereum
Cowen expects Ethereum to continue its descent by forming falling peaks and falling bottoms for the remainder of the year. This expectation implies that Ethereum will close the year within a downtrend.
According to data provided by crypto data and price platform CoinMarketCap, ETH has seen a 2.07% decrease in the last 24 hours, trading at $1,588. CoinMarketCap data also reveals that ETH has dropped by 2.74% in the last 7 days and 14.18% in the last 30 days.
