In a recent YouTube video, Benjamin Cowen, the founder of ITC Crypto and a prominent crypto analyst, has made some striking predictions regarding the future price movements of Ethereum. Cowen has drawn a potential correlation between the price declines of Ethereum and the rising unemployment rates in the United States. Historically, Ethereum has seen price bottoms in the month of December during years such as 2016 and 2019 when the US unemployment rate peaked. With the current rise in unemployment in the US, Cowen suggests that Ethereum could be heading towards a price bottom in December 2024.
Over the past few months, the price of Ethereum has been on a downward trend, similar to Bitcoin’s price movements. Despite the introduction of Spot Ethereum Exchange Traded Funds (ETFs), Ethereum has failed to regain its previous highs. Cowen predicts a potential 50% decline in Ethereum’s price in the near future, although he acknowledges that the actual drop may not be as severe. He has set a target of $1,200 for Ethereum’s price by December.
Analysis of Price Actions
Cowen has compared Ethereum’s price actions in 2019 to the current trend in 2024. He suggests that Ethereum might temporarily fall below a wedge pattern before reaching a price bottom. However, Cowen remains optimistic about Ethereum’s future price recovery post-bottoming.
As of the latest data from CoinMarketCap, Ethereum is trading at $2,354, showing a slight increase of 1.26% in the last 24 hours. Despite this, Ethereum has been facing selling pressures in the market. Lookonchain reported that MetaAlpha, a trading service company, recently moved a significant amount of ETH tokens to the Binance crypto exchange, totaling $77.55 million in the past four days.
The future of Ethereum’s price remains uncertain, with conflicting predictions from various analysts. Cowen’s analysis suggests a potential price bottom for Ethereum in December 2024, accompanied by a significant recovery post-bottoming. However, market conditions and external factors such as unemployment rates in the US could heavily influence Ethereum’s price movements in the coming months. Investors and traders are advised to closely monitor these developments and conduct thorough research before making any decisions related to Ethereum investments.
