Crypto analyst Benjamin Cowen predicts a deeper Ethereum (ETH) correction before the end of the year.
In a new interview on the Bankless podcast, Cowen say Ethereum could fall more than 48% from its current value before rising again in early 2025.
“My base case right now is that ETH/USD stays above $2,000 here for a little longer. In the fourth quarter it will drop below $2,000 and from next year it will rise again.”
Cowen warns that a recession would change his outlook.
“My hope is that the Fed hasn’t absolutely destroyed the markets for a long time. The caveat here is: what happens if we deviate from the four-year cycle? And that is always a possibility. If we get a recession or something that could change things. And then all bets are off.”
Cowen also says that ETH may be following a historical pattern from 2016 and 2019, when ETH reached its logarithmic trendline, and predicts that ETH could fall to $1,200 before a bull reversal occurs.
“Right now [ETH] is just under $2,400, so I wonder if you’ll stick around for a few more weeks after the rate cuts [then] fall off. Everyone’s panicking because they’re thinking, oh, the recession is here. But in reality, that’s exactly where it was always going to go anyway, and from there you could make a strong argument that it could get a pretty big rebound out of that.
Ethereum is trading at $2,342 at the time of writing, down nearly 5% in the past seven days.
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