Stock Market Could Drag Ethereum Further Down Before Counter Trend Rally, According to Analyst Benjamin Cowen

Cryptocurrency analyst Benjamin Cowen is warning {that a} weakening inventory market might trigger Ethereum (ETH) to retest cheaper price ranges.

In a brand new technique session, Cowen tells his 889,000 YouTube subscribers that the S&P 500 might proceed to point out weak point in April, which, primarily based on historic priority, might end in ETH additionally declining.

“What I’m questioning is what occurs in case you do see the S&P 500 proceed to point out weak point into early to mid-April? Keep in mind, we mentioned there’s going to be weak point by the inventory market between February OPEX (Possibility Expiration Week) and March OPEX. We bought that, however I additionally mentioned there’s a chance that it may lengthen into early to mid-April as properly earlier than there’s a bigger counter-trend rally.

And the explanations for that could possibly be as a result of tariff uncertainty on April 2nd. It may additionally simply merely be as a result of, there’s a variety of macro knowledge popping out in early to mid-April that I feel the markets are going to be thinking about. And one of many causes I feel the markets are going to be thinking about it’s as a result of with all these tariffs, it may doubtlessly affect inflation.”

Cowen says ETH might drop to its logarithmic trendline, doubtlessly as little as $1,044, amid recessionary pressures, earlier than reclaiming the $3,000 stage as help.

“I’m simply trying over right here at ETH/USD [on the weekly chart], and I see a triple prime, and I simply need to marvel does it finally culminate in a recession, the place everybody thinks that by the point the recession is asserted it’s over, however the actuality is the market was pricing it in properly forward of time, so that you just get this large drop after which a giant transfer out of it. We’ve been speaking about that for some time, and it’s the entire concept that ETH goes dwelling.”

ETH is buying and selling for $1,909 at time of writing, up 4.7% within the final 24 hours.

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