Analyst Benjamin Cowen predicts Ethereum to fall to $600

According to the expert, ETH may lose 65% of its value because of the economic recession

28.11.2022 - 15:30

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The material is not an investment recommendation and is published for information purposes only.

What’s new? Cryptocurrency analyst Benjamin Cowen, in an interview on the Altcoin Daily YouTube channel, spoke about what the worst-case scenario is for bitcoin and Ethereum, given macroeconomic factors. In his opinion, the two assets could hit new lows in the current bear market.

The full version of the interview

Prediction details. Looking at Ethereum, Cowen allowed that the asset could lose up to 65% of its value. The main levels the analyst is watching are in the $400 to $600 range. The worst-case scenario for Ethereum will depend on how severe the potential recession turns out to be.

According to the analyst, ETH is about one cycle behind bitcoin in terms of volatility. Ethereum’s first bear cycle was down 95%, bitcoin was down 94%. In the second bear cycle, bitcoin was down about 87%. If Ethereum falls 87% from its all-time high (ATH), its price will be just under $600.

In a worst-case scenario, bitcoin should suffer less than altcoins, Cowen believes. The balanced price of the asset is currently at $15 000. The main indicator that the analyst is looking out for is that BTC’s daily close is below the balanced price.

According to Binance, as of November 28, 15:30 UTC, the value of bitcoin is $16 202, down by 2,06% in 24 hours. 1 ETH is trading at $1166 (-3,81%).

Earlier, Cowen called the worst-case scenario for the crypto market after the FTX collapse. Based on bitcoin’s trading history, he suggested that the asset could be on the verge of a major bottom.

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