đš Ethereumâs Path in 2024: What Analyst Benjamin Cowen Predictsđš
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đ„ Is Ethereum gearing up for a rally? According to renowned crypto strategist Benjamin Cowen, the road ahead for ETH in 2024 might not be as smooth as some hope. Hereâs what heâs predicting:
đčRally Capped at $3,000? Cowen highlights that even if Ethereum sparks a rally this year, itâs unlikely to surpass the $3,000 mark. This forecast is based on previous market cycles, suggesting ETHâs upward momentum might face significant resistance.
đč The Bull Market Support Band According to Cowen, ETH could get rejected by the bull market support band, a key indicator in market cycles. He suggests that while ETH might test this level in 2024, it wonât convincingly break above it until 2025.
đč The Final Low: December 2024? Historically, Ethereum has seen its market cycle lows in December, as observed in 2016 and 2019.
Cowen believes this pattern might repeat in 2024, with the final low potentially occurring at yearâs end before a more durable bounce in 2025.đ Current Status: As of now, Ethereum is trading at $2,731, down 1.23% in the last 24 hours.đ What This Means for You:
- Investors should prepare for a challenging year ahead, with significant resistance levels potentially capping gains.- Long-term holders might consider the potential 2025 rally as a more viable opportunity for new highs.đĄ
Stay Informed: Keep an eye on Ethereumâs movements and analyst updates to navigate the market effectively.
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