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
532
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?
Market
Earlier, Trump promised to include the first cryptocurrency in the country’s reserves if re-elected as president
Nov 7, 2024
Incidents
According to the publication, the platform’s activities fall under the definition of gambling
Nov 7, 2024
Market
According to the founder of TRON, the leading US crypto exchange asked for several hundred million dollars for the listing of TRX
Nov 4, 2024
Incidents
The company conducted fictitious trading for six years to inflate the trading volume of tokens of several companies, receiving payment for these services
Nov 1, 2024
Market
1,5 million addresses have already left applications
Oct 31, 2024
Business
The company began investing in bitcoin in 2020, and since then, the value of its securities has risen by 1700%
Oct 30, 2024