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Analyst Benjamin Cowen Warns Ethereum Nonetheless in Hazard of Witnessing 2019-Fashion Collapse – Right here’s Why

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A extensively adopted crypto analyst is issuing a warning on Ethereum, saying that ETH might nonetheless witness a 2019-style collapse.

In a brand new video replace, crypto strategist Benjamin Cowen tells his 796,000 YouTube subscribers that the circumstances for Ethereum now are just like that of mid-2019, and that the main sensible contract platform might undergo the same setback.

Cowen notes that in 2019, a slash in rates of interest coincided with a dramatic correction for ETH. With the Fed anticipated to start reducing charges once more sooner or later this yr, the analyst suggests {that a} comparable situation might play out.

“We’ll see how [Ethereum] performs out right here, if it does simply proceed to imitate form of an even bigger model of [its pattern in 2019] or if it does one thing fully totally different…

Lots of people don’t like the truth that I evaluate it to 2019 as a result of it’s gone up, as a result of it’s been taking so much longer, however nonetheless, as a result of ETH/BTC continues to drop, and since the Fed has not but pivoted, why would we assume that it’s not following the identical factor?

Nothing has modified, proper? It’s nonetheless bleeding towards Bitcoin, the Fed has not but reduce charges, and that was the turning level for it on the midcycle high final cycle.”

Supply: Benjamin Cowen/YouTube

Cowen says that if Ethereum repeats its 2019 correction, then a multi-month consolidation could also be in retailer earlier than the Fed begins a quantitative easing (QE) and crypto markets bounce once more close to the top of 2024.

See also  Ethereum Is On Its Means To The $3,000 Excessive And Is On A Regular Upward Trajectory

“If in case you have a tough time with that – form of a six to nine-month lull available in the market – what’s fascinating is that if the whole lot’s been shifted by about three quarters, what in case you shift this once more?

You go three quarters out, you get to the top of the yr after which QE (quantitative easing) returns and also you get one other bull market – I imply perhaps, perhaps that’s the way it performs out.”

Ethereum is buying and selling for $3,530 at time of writing, a 2.28% lower on the day.

Generated Picture: Midjourney

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