Historic Rally in Sight for Ethereum? Crypto Analyst Benjamin Cowen Compares ETH Price Action to 2017 Bull Cycle

Ethereum (ETH) could be mimicking the early stages of the 2016/2017 bull run, according to popular crypto analyst Benjamin Cowen.

In a new YouTube update, Cowen tells his 722,000 subscribers that Ethereum’s current price patterns indicate it’s in a similar re-accumulation phase to when it bounced between $7 and $14 in 2016 and early 2017.

Ethereum broke through that range in March 2017 and rose past a value of $1,440 by January 2018.

“If you overlay this [2016/2017] bar pattern, and we just overlay it from this move [now], one of the things you’ll notice is there are a lot of similarities in these moves…

You come up, you come back down, you go back up, sort of a double-top sort of a thing there in the short-term, a long bleed back down, and then a slow move back up to the top.

This would equate getting back up to the top of the range by the very beginning of May and then seeing a breakout in the summer.”

Cowen does stress that there is risk involved with ETH and that price increases to new all-time highs are never a sure thing, encouraging caution amid this surge.

ETH is trading at $3,393.41 at time of writing, up more than 13% in the past week.

https://www.youtube.com/watch?v=PhyRxBbP0Mk

I

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp
Check Latest News Headlines

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Overearth