Like many crypto market analysts, Benjamin Cowen believes that the bear market is not closed. It should, according to him, continue. In this context, he described what could be, according to him, the worst scenario for ether (ETH). This was as part of an interview with Altcoin Daily. Decryption.
Ether (ETH) will look for support at $600 or even lower
Crypto analyst, Benjamin Cowen said macro headwinds could further affect cryptos. In particular, he explored the worst-case scenario for ether (ETH) and believes that its price could drop to $600. To some extent, he does not rule out the possibility that the second flagship crypto is trading at $400.
“The worst-case scenario would depend on the severity of this potential recession. It is difficult to know exactly how this will affect the crypto. But I would say for ethereum, the main levels I’m watching are the $400-$600 range (…) I don’t know if it’s going to go down to $400. But I think $600 ETH is potentially playable. »does he have declared.
To back up his point, Cowen compared the bear cycles of ether (ETH) with those of bitcoin (BTC). According to him, ETH’s first cycle was a solid 95% bear market, while bitcoin’s first bear market was 94%. He goes on to say that bitcoin’s second bear market was around 87%. However, everything suggests that ETH will follow in the footsteps of BTC. Thus, he notes that if ether (ETH) drops 87% from its all-time high, or even 88%, that will put it just below the $600 mark.
“I think there are arguments to be made that ether can have that final capitulation in the $400-$600 range”, he pointed out. In particular, he clarified that ether (ETH) will experience good growth after touching ” the bottom “.
Separately, the analyst also talked about bitcoin (BTC). For him, the flagship crypto should not tumble like some altcoins, to find good support. Either way, he sees strong support at $15,000 and possibly another below that level, but not too deep in the charts.
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