ETH Price Crash Prediction: $600-$800 by Year End

A prominent cryptocurrency analyst, Benjamin Cowen, raises concerns about Ethereum (ETH), the leading smart contract platform. He’s sticking to his prediction that Ethereum could potentially experience a substantial decline, leading its price to plummet from $600 to $800 by the year’s end.

Analyst Benjamin Cowen Stays Bearish on Ethereum, Anticipates Price Dip

Recently, Benjamin Cowen, known for his accurate analysis, has shared his thoughts on his YouTube channel about Ethereum. He thinks his popular cryptocurrency, Etherum will most likely lose its value by the end of the year.

Ethereum needs to take a step back before it starts going up. Some folks are excited about a possible rally, but it won’t be huge, maybe just twice as much as it’s worth now. This kind of growth can happen in regular stock markets, too. 

I’m saying that stocks often have these kinds of two-times increases, whether they go up a lot or just a little. People get all excited about a $100 change, up or down. But that’s not what’s happening with Ethereum. 

Looking back, every time Ethereum reached new high prices, it only happened after it dropped to what I call ‘home,’ which is a specific price range at the lower end. Ethereum needs to ‘come home’ before it can make new highs.

Meanwhile, Cowen’s prediction is grounded in his comprehensive technical analysis of the Ethereum market. He points to several indicators, including price patterns and trading volumes, to support his view that ETH is at risk of experiencing a significant decline in value.

Also Read: Ethereum Price Could Surge 5x to $8,000 by 2026, Says Standard Chartered Bank

Ethereum to Fall to $600 Level

He in his video, he further pointed out that this expected drop in Ethereum’s value hasn’t happened yet:

“We’re still waiting for Ethereum to come back ‘home,’ and that hasn’t happened yet. For over a year now, we’ve seen Ethereum trying to stay at these prices, especially when we look at shorter time periods. But there’s going to be a time when this support line breaks, and when it does, Ethereum is likely to head back ‘home.’”

Cowen had previously defined ‘home’ for Ethereum as being between $600 and $800 using a special method. He believes that Ethereum is going to return ‘home’ in the next few months and emphasized his view:

“In my opinion, the most likely outcome is that Ethereum will drop to less than $1,200 within the next two and a half months, and maybe even lower.”