Ethereum Price Prediction: What Benjamin Cowen Sees for $1350 by 2025
Ethereum's ongoing struggles in the cryptocurrency market have sparked deliberations about its future viability. Renowned analyst Benjamin Cowen predicts a troubling scenario where ETH could plummet to $1350 by December 2024. This forecast stems from ETH's recent performance, especially as it has recorded a modest 7% growth year-to-date, significantly underperforming compared to BTC's 50% increase and other digital assets like Solana.
Catalysts for the $1350 Price Prediction
According to Cowen, ETH/BTC has breached critical macro support levels earlier this year, indicating potential for further declines. In prior instances dating back to 2016 and 2019, similar breaks resulted in a staggering 70% drop. Currently trading around $2400, the forecasts suggest a downward trajectory towards the lower logarithmic regression trend line.
Market Dynamics and Bearish Sentiment
- ETH faces significant resistance below the $2300 support level.
- Analysts, including Ali Martinez, indicate that failing to maintain this threshold could see ETH descend to $1600.
- The broader market backdrop remains precarious, with geopolitical factors influencing investor confidence.
The mixed sentiments around Ethereum could contribute to substantial volatility in the coming months, urging investors to stay alert.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.