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Experienced cryptocurrency analyst Benjamin Cowen believes that the largest altcoin Ethereum (ETH) still has a long way to go before reaching its all-time high. Cowen expects a significant drop in ETH.
Expecting a Range of $400 to $600 for Accumulation in Ethereum (ETH)
Cowen reiterated in his latest strategy session that ETH needs to “come home,” a term used to define the asset’s fair value logarithmic regression trend line. The analyst noted that the largest altcoin tends to return to this trend line throughout history before embarking on a bull run.
Cowen emphasized that the logarithmic regression band is designed to track the reasonable value of an asset using “non-bubble” data. He also added that the middle part of the logarithmic regression band corresponds to $934, while the lower part corresponds to $644.
The experienced cryptocurrency analyst suggested that Ethereum’s attractive accumulation range for the altcoin king would be between $600 and $400, highlighting that it dropped 33% below the regression band during the last cycle in 2020.
“Ethereum Will Close the Year Below the Starting Price”
Cowen expects ETH to close the year at a much lower level than its starting price. According to him, the largest altcoin, which started the year at $1200, will follow the pattern of 2019. According to the data from cryptocurrency data and price platform CoinMarketCap, Ethereum is currently trading at $1676 with a 2.49% increase in the last 24 hours.
If ETH closes the year below $1200 as predicted, it would mean a loss of at least 29%. Particularly, dropping 30% below the lower part of the logarithmic regression band and falling into the range of $600 to $400 would result in a 64% value loss, which could cause significant devastation in the altcoin market.
