A widely followed crypto analyst is mapping out the path he believes Ethereum (ETH) is most likely to take for the rest of 2024.
In a new video update, crypto strategist Benjamin Cowen tells his 808,000 YouTube subscribers that if ETH were to spark a rally, it would not surpass the $3,000 price level based on previous market cycles.
“ETH has been going down since March, so my guess is that if ETH were to get a rally, it wouldn’t go much higher than $3,000.
I would guess it gets rejected by the bull market support band this year and go above the bull market support band again next year… I could be wrong.”
Cowen goes on to say that the final low of Ethereum’s market cycle will most likely occur near the end of this year, given that ETH bottomed out in December in previous cycles.
“I do think there is a case to be made that this could play out after all this time.
I think if it’s going to play out, the finale of it won’t likely be until the end of the year because in 2016, the low occurred in December before it bounced and in 2019, the low occurred in December before it bounced.
If history were to repeat itself in 2024, if the pattern continues, my guess is that it won’t really get a durable bounce that can take it to new highs until 2025. That doesn’t mean that $3,000 can’t happen, it just means that it’s going to be a lot harder to see.”
Ethereum is trading for $2,731 at time of writing, a 1.23% decrease during the last 24 hours.
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