Crypto analyst Benjamin Cowen says that Ethereum (ETH) could finally reach a price bottom sometime in December of this year.
In a new strategy session, Cowen tells his 812,000 YouTube subscribers that the unemployment rate in the US has historically topped out in December, coinciding with a bottom in crypto markets.
Given that unemployment is trending upward, and has in the past peaked in December, Cowen speculates that Ethereum could reach its bottom in the same month as well. He also notes that ETH tagged its logarithmic trend line in December in both 2016 and 2019.
“December 2024, the number of states where the unemployment rate is rising over the last six months. When does it top? Q4. Higher lows and higher highs. Lows are in April, highs are in Q4. What if it’s just trending up into a higher high in December, that ends up being backdated some type of…
It doesn’t have to be a 50% crash. There are some recessions that are more mild and aren’t like you’re Dot Com crash or your financial crisis, but it would line up with basically everything.
It would even line up with Ethereum, finally going up to its logarithmic trend line which is what it did in 2016 and 2019 in December. December of 2016 and December of 2019.”
Cowen says his bottom price target for Ethereum is $1,200, representing a nearly 50% decline from current prices.
At time of writing, Ethereum is worth $2,306.
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