Analyst Benjamin Cowen: Ethereum is not ready for a bull market
The expert noted that concern around the resistance level of $1800 could lead to a drop in the value of the altcoin
22.03.2023 - 16:30
547
2 min
0
The material is not an investment recommendation and is published for information purposes only.
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.”
This material is taken from the website https://dailyhodl.com.
Useful material?
Telegram 
Twitter Technologies
Network fees will be integrated into the cost of swaps
Nov 22, 2024
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Cryptocurrency rates
-
Bitcoin
$98 728
BTC
-0.2%
-
Ethereum
$3 340.67
ETH
-0.91%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.57
XRP
+13.56%
-
Dogecoin
$0.431214
DOGE
+9.48%
-
Cardano
$1.09
ADA
+25.56%
-
Stellar XLM
$0.441637
XLM
+55.73%
-
Bitcoin Cash
$538.26
BCH
+8.82%
-
Polkadot
$7.17
DOT
+16.21%
-
Litecoin
$100.9
LTC
+11.89%