Ethereum
Ethereum Is Flashing a Bearish Signal, According to Crypto Analyst Benjamin Cowen – Here’s His Outlook
Widely followed cryptocurrency analyst Benjamin Cowen warns that the price of Ethereum (ETH) could depreciate considerably.
Cowen tell its 801,000 YouTube subscribers that Ethereum has fallen below the Bull Market Support Band (BMSB), an indicator composed of a 20-week simple moving average and a 20-week exponential moving average used to determine whether the price of an asset is in bullish or bearish territory.
“The last time Ethereum fell below its bull market support band was around 30 weeks ago. Or, the last time it was below its 20-week simple moving average was about 30 weeks ago. So it’s been quite a while and now we’re below that threshold again.
According to Cowen, the price of Ethereum has fallen drastically in two previous periods that closely resemble the current moment where the second-largest crypto asset closed below BMSB.
“In both cases, after falling below the Bull Mark support band, Ethereum/US Dollar then fell by approximately 50%…
…50% from here [around $2,970] brings ETH back to around $1,400.
Ethereum is trading at $2,902 at the time of writing.
The widely followed analyst says he expects Ethereum/Bitcoin (ETH/BTC) the pair has bottomed out over the coming weeks, although the Ethereum/US Dollar (ETH/USD) pair may take longer to bottom.
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