In a recent video, crypto analyst Benjamin Cowen expressed a bearish outlook on Ethereum (ETH), the leading smart contract platform by market capitalization. Cowen predicts a significant decline in Ethereum’s price by the end of the year.
Cowen believes that for Ethereum to establish a sustainable upward trend, it must first return to a lower valuation. He downplays the significance of Ethereum’s recent 2X price increase, suggesting that similar gains can be achieved in the traditional stock market. According to Cowen’s analysis from nearly a year ago, he identifies a “home” for Ethereum between $600 and $800, based on his model of logarithmic regression bands.
The analyst anticipates that Ethereum is highly likely to fall below $1,200 within the next 2.5 months, and he does not rule out the possibility of it declining even further.
Cowen points out that Ethereum is currently struggling to maintain its price levels over shorter time frames, just over a year. However, he believes it’s only a matter of time before Ethereum revisits these lower price ranges.
At the time of writing, Ethereum is trading at approximately $1,555, representing a 2.61% decrease in the past 24 hours.
Today, Santiment reported that the wealthiest Ethereum addresses, whether on or off exchanges, continue to accumulate more assets. With Ethereum’s market value hovering around $1,570, approximately 8.51% of the total Ethereum supply is currently held in exchange wallets. Moreover, the top 10 Ethereum wallets not associated with exchanges hold a significant amount of 39.22 million ETH.
