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On Friday, December 16, 2022, crypto analyst Benjamin Cowen shared his thoughts on the price performance of the second most valuable cryptocurrency (by market capitalization).
According to a report by Daily Hodl, in a video update posted yesterday, Cowwen told his YouTube channel’s 779,000 subscribers:
I think you’re still looking at a lower leg here on Ethereum’s valuation against the US dollar. I think that $400-$600 range is a good place to start looking for the same kind of value we’ve seen over the last cycle…
I still think Ethereum is probably looking at lower prices going forward. I think this is supported by the idea of social risk
I understand that you know that an Ethereum at $600 or even an Ethereum at $400 is another correction of 50% or more from these levels. But I think there are reasons to think it could happen, not just from a price point of view and from a technical point of view. And I know there’s kind of the basic idea of all the Ethereum that was burned and so on. But the other side of the coin is that we are witnessing a recession.
About two weeks ago, during an interview on Altcoin Daily, Cowen had this to say about Ethereum:
The worst case scenario would depend on the severity of this potential recession. It’s hard to know exactly how this will affect the crypto, but I’d say for Ethereum the main levels I’m looking at are the $400-$600 range…not sure if it’s going to go all the way down to 400 $, but I think $600 ETH is potentially in the cards, mainly because I think there’s a lot of evidence to suggest it’s about a cycle behind Bitcoin in terms of volatility.
[ETHs] first cycle [was] a solid 95% bear market and the first Bitcoin bear market was 94%. Bitcoin’s second bear market was around 87%, so if Ethereum drops 87% from its all-time high this time, or even 88%, that will put it just below $600, so I think there is reason to argue that Ethereum could have this final capitulation in the $400-$600 range.
According to data from CryptoCompare, $ETH is currently (as of 12:53 UTC Dec 17, 2022) trading around $1,179, down 2.88% in the last 24 hours.
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