Cryptocurrency strategist Benjamin Cowen is expressing bearish sentiment on Ethereum (ETH) amid failed efforts by the second-largest digital asset to climb back above a key resistance level.
In a new video, Cowen tells his 785,000 YouTube subscribers that due to the high levels of “anxiety” for Ethereum that has built up around the $1,800 price, ETH is likely to fall.
According to Cowen, the level of “apathy” in the market is not as high relative to the bear season of 2019/2020.
“There’s so much anxiety in this level [$1,800 resistance level] like I think it’s much more likely to break down eventually…
I will be the first to admit it’s taking longer than I thought it would. But I also don’t really feel that same type of apathy in the market now that I did back in 2019 and 2020.”
Ethereum is worth $1,736 at time of writing.
Cowen says that the level of apathy for Ethereum would rise if the number two crypto asset fell to triple digits.
“It doesn’t really remind me of 2019 or 2020 just yet. But I imagine that if it were down here [around $700], the apathy would really set in. And then it would remind me of that phase.”
The widely followed crypto strategist says that Ethereum has underperformed Bitcoin (BTC) and currently faces headwinds rather than tailwinds that could push its price up – such as the transition to the proof of stake consensus mechanism last year.
“Ethereum has been showing a lot of weakness recently and Bitcoin has continued to push up while Ethereum/Bitcoin valuation has been getting very very weak.
And unfortunately, this time it doesn’t really have The Merge to sort of generate hype. In fact, we just are staring in the face of a potential recession rather than an immediate new bull market.”
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Source: https://dailyhodl.com/2023/03/22/analyst-benjamin-cowen-issues-ethereum-warning-says-eth-likely-not-ready-for-bull-run-until-massive-correction/