Renowned cryptocurrency analyst Benjamin Cowen has issued an important warning for Ethereum investors, stating that he predicts a major drop in Ethereum’s price. Cowen stated that Ethereum is likely to experience a significant correction based on past market cycles.
In a statement on social media platform X, Cowen suggested that Ethereum is similar to the market cycles in 2016 and 2019 and could be approaching a major correction. He also stated that Ethereum’s depreciation against Bitcoin indicates a larger decline in the ETH/USD pair. Cowen had announced in his May prediction that he expected a 70% drop in Ethereum’s price and a drop to $1,150. The analyst noted that ETH/USD had fallen by approximately 70% in the past when ETH/BTC had lost value. These predictions indicate a significant downside risk in the market.
Cowen predicted that Ethereum appears to be mirroring the 2019 market cycle, and that Ethereum could remain at current levels for a few more weeks before falling back on a Fed rate cut. According to CME’s FedWatch tool, the probability of a Fed rate cut next month has risen to 100%. This potential rate cut could be a catalyst for the projected drop in Ethereum’s price.
Last month, Cowen also predicted a significant correction for Bitcoin, stating that this correction could lead to a major capitulation in altcoins.
Recommendations for Investors:
A drop of up to 70% is expected in the Ethereum price.
A decline in ETH/BTC could signal a bigger decline for ETH/USD.
The Fed's rate cut could trigger the predicted decline in Ethereum price.
It should be noted that similar declines may occur by paying attention to past market cycles.
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