Crypto analyst Benjamin Cowen is predicting a deeper Ethereum (ETH) correction before the year’s end.
In a new interview on the Bankless podcast, Cowen says Ethereum could dip more than 48% of its current value before rallying at the start of 2025.
“My base case right now is that ETH/USD, it still stays up here a little bit longer, above $2,000. It goes below $2,000 in Q4 and then, starting next year, it bounces out of that.”
Cowen warns that if a recession occurs it would change his outlook.
“My hope is that the Fed has not absolutely wrecked the markets for a long time. The caveat to this is that what happens if we deviate off the four-year cycle? And that’s always a possibility. If we get a recession or something that could change things. And then all bets are off.”
Cowen also says that ETH may be following a historic pattern from 2016 and 2019 when ETH tagged its logarithmic trend line, and predicts ETH could dip to $1,200 before a bull reversal.
“Right now [ETH] is right below $2,400 so I’m wondering if you’re just going to hang out here for a couple more weeks after rate cuts [then] fall off. Everyone freaks out because they’re like, Oh the recession’s here. But in reality that is just where it was always just going to go anyways and then from there you could make a strong case that it could get a pretty big bounce out of that.”
Ethereum is trading for $2,342 at time of writing, down nearly 5% in the last seven days.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Credit: Source link
