An analyst who nailed Ethereum’s correction below $2,000 this cycle is unveiling what he thinks is the best path for ETH bulls in the coming months.
In a new strategy session, crypto strategist Benjamin Cowen tells his 925,000 YouTube subscribers that he sees Ethereum igniting a breakout rally in the coming days.
But Cowen warns that ETH shouldn’t trigger too much fear of missing out (FOMO). Otherwise, the analyst says that the rally could end up being a blow-off top.
“If ETH runs to like $6,000 or something, that could be it, and I don’t want that.
I want it to go on a little bit longer, so what I think would be the best case for the market to kind of set up a stronger October, what I think would be a better scenario is for Ethereum to pull back in September to then allow an explosive October.”
Earlier this month, Cowen predicted that Bitcoin (BTC) would pull back in September, as rising Treasury yields threaten to drag the entire crypto market lower. The trader sticks by his prediction.
“What I think is the most likely outcome is Ethereum puts in a local top within about the next week.
A pullback to the 20-week SMA (simple moving average) is going to likely happen for Bitcoin in September.
And because of that, it’s going to drag Ethereum down with it.
Now, when Bitcoin gets that pullback, it’s likely going to cause ETH to drop against Bitcoin. That’s the most likely outcome.”
At time of writing, ETH is trading for $4,376.
Generated Image: Midjourney
