Crypto analyst Benjamin Cowen is outlining what’s in store for Ethereum (ETH) as the leading smart contract platform reclaims $3,000.
In a new strategy session, Cowen tells his 707,000 YouTube subscribers that the second largest crypto asset has been trading in a range between $2,000 and $4,000 for almost a year.
Considering the length of consolidation, Cowen believes that it will ultimately pay off for ETH.
“What I do think is that Ethereum is unlikely to spend a year or more between $2,000 to $4,000 just to throw it all away.”
The crypto analyst says he believes that Ethereum is currently following its 2016 price action when ETH also traded sideways for about a year before exploding to new highs.
“Ethereum is theoretically in this sort of move where you have an impulsive move off of the bear market bottom. You have some type of impulsive move there, and then you go sideways for the better part of a year and then you can ultimately break out to the upside.”
Cowen says that if Ethereum actually follows its 2016-2017 market structure, ETH will likely record new all-time highs at the mid-point of this year.
“I want people to not look at this fractal with the idea that it has to play out, but look at it with the same lens that retail investors felt the exact same way as we did right now once upon a time. The emotions were the same. The prices were different, but the emotions were the same.
What I’m looking for: follow the fractal until it breaks. What happens is we consolidate for a little bit and then just start pushing higher and if it were to continue to play out, then maybe we are looking at new all-time highs by May, by June, by July, something like that.”
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Source: https://dailyhodl.com/2022/02/06/heres-whats-next-for-ethereum-eth-after-reclaiming-3000-crypto-analyst-benjamin-cowen/