In a latest YouTube video, Benjamin Cowen, a well known crypto analyst, shared his ideas on the longer term value actions of Ethereum. Cowen prompt that the cryptocurrency may not solely expertise a decrease low however might probably see its value fall under $800. He talked about that whereas the decline may not be drastic, Ethereum might even contact value factors as little as $600, $500, or $400.
Increasing on Ethereum’s doable value trajectory, Cowen described a situation the place the cryptocurrency might bear a collection of fluctuations. In keeping with him, Ethereum would possibly witness intervals of sluggish decline, punctuated by transient spikes in value, and this sample might proceed till the top of the pre-halving yr, leaving each bullish and bearish buyers in a state of economic disarray. Cowen defined that every faction would possibly really feel they have been right for a portion of the yr, solely to search out out that their predictions have been correct for simply half the time, leading to monetary setbacks for all concerned by the yr’s finish.
In a separate video launched late final month, Cowen shifted his focus to Cardano (ADA), one other main cryptocurrency. He warned that Cardano is likely to be coming into a “melancholy” section, which might considerably lower its value. Drawing parallels with the Nasdaq’s 50% drop, Cowen said {that a} comparable decline for Cardano, calculated from its then-level of $0.37, might push its value under $0.20.
Cowen additionally provided various strategies for assessing Cardano’s potential value decline. He indicated {that a} 27% drop from a decrease base might convey Cardano’s value to round $0.16, a degree it final noticed in August 2020. He additional highlighted different important value ranges for Cardano, such because the $0.11 mark, which was its excessive in 2019, and the pre-pandemic excessive that hovered round $0.07 or $0.08.
Cowen emphasised the unpredictability of the cryptocurrency’s value if it enters a melancholy section. He cautioned that Cardano might expertise a number of consecutive weeks of value decline, with the potential for transient recoveries which may tempt buyers into taking larger dangers. Particularly, Cowen talked about that Cardano’s value might “pop again up for an additional couple of weeks simply to make it so that folks YOLO in a single final time,” underlining the general excessive threat and advising buyers to stay vigilant.
