Benjamin Cowen Cautions on Upcoming Ethereum and Cardano Price Drops
In a latest YouTube video, Benjamin Cowen, a well known crypto analyst, shared his ideas on the longer term value actions of Ethereum. Cowen steered that the cryptocurrency won’t solely expertise a decrease low however may probably see its value fall under $800. He talked about that whereas the decline won’t be drastic, Ethereum may even contact value factors as little as $600, $500, or $400.
Increasing on Ethereum’s potential value trajectory, Cowen described a situation the place the cryptocurrency may endure a collection of fluctuations. Based on him, Ethereum may witness intervals of gradual decline, punctuated by temporary spikes in value, and this sample may proceed till the tip of the pre-halving 12 months, leaving each bullish and bearish traders in a state of monetary disarray. Cowen defined that every faction may really feel they have been right for a portion of the 12 months, 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 12 months’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 perhaps coming into a “melancholy” section, which may considerably lower its value. Drawing parallels with the Nasdaq’s 50% drop, Cowen said {that a} related decline for Cardano, calculated from its then-level of $0.37, may 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 may carry 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 may expertise a number of consecutive weeks of value decline, with the potential for temporary recoveries which may tempt traders into taking higher dangers. Particularly, Cowen talked about that Cardano’s value may “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 danger and advising traders to stay vigilant.
