Crypto analyst Benjamin Cowen has warned that the price of Ethereum (ETH) could drop below $1,000 in the coming months. Cowen suggests that Ethereum’s future movements are closely tied to its performance relative to Bitcoin (BTC) and that a significant bounce in Bitcoin’s price could impact Ethereum’s value in USD.
Cowen also references historical price patterns of Ethereum, noting that it has followed a pattern of forming a low, then higher lows, before eventually breaking down. He speculates that Ethereum may test its previous lows before potentially experiencing a larger drop.
The ETH/BTC pair is seen as critical in determining Ethereum’s future, and a breakdown in this pair could precede a significant drop in Ethereum’s USD value. Cowen acknowledges the uncertainty in these predictions, emphasizing the influence of Bitcoin’s market behavior and various market dynamics. At the time of writing, Ethereum is trading at around $2,257.
Source: CRYPTOGLOBE
