Crypto analyst Benjamin Cowen, known for his “Into the Cryptoverse” channel, warns that Ethereum’s price could plummet to $1,200 by December. He highlights a wedge pattern in the current cycle, similar to one seen in 2019, but with a significantly longer duration.
In a post on social media platform X (previously known as Twitter), Cowen added that Ether has formed a wedge in the current crypto cycle that includes higher lows, similar to the ones during the 2019 cycle but with ~10x the length.
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Cowen notes that during the 2019 cycle, ETH fell back into the wedge before the Federal Reserve announced rate cuts. This, he suggests, led to the bottom for the ETH/BTC pair in 2019, after which Ethereum saw a substantial price increase.
When asked about the potential price level for an ETH/BTC bottom, Cowen replied:
“$1200 by December is my guess. In 2016 and 2019 ETH / BTC broke down, and ETH / USD dropped 70% to 0.300 risk. 0.300 risk right now is $1208. That would represent a soft landing IMHO, then up in H1 2025.”
Another crypto analyst, Chris McCrypto, disagrees with Cowen’s prediction, arguing that a drop to $1,200 would signal a full-blown bear market. He believes Ethereum will likely bottom out around $1,850 before rebounding.
ETH Price Back Above $2,300
As of now, ETH has climbed back above $2,300, up more than 2.3% in the past 24 hours. The cryptocurrency’s market cap stands at $282 billion.
Read also: Ethereum Could Plummet to $1,200 by December, Analyst Warns
The cryptocurrency is down 52.01% from its all-time high of $4,891.70 witnessed on November 16, 2021.
The Relative Strength Index (RSI) reads a value of 39.95 for the ETH price action which means that the sellers are dominant but the gradient of the line suggests that sluggish movement is possible.
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