Benjamin Cowen Cautions on Upcoming Ethereum and Cardano Price Drops

In a recent YouTube video, Benjamin Cowen, a well-known crypto analyst, shared his thoughts on the future price movements of Ethereum. Cowen suggested that the cryptocurrency might not only experience a lower low but could potentially see its price fall below $800. He mentioned that while the decline might not be drastic, Ethereum could even touch price points as low as $600, $500, or $400.

Expanding on Ethereum’s possible price trajectory, Cowen described a scenario where the cryptocurrency could undergo a series of fluctuations. According to him, Ethereum might witness periods of slow decline, punctuated by brief spikes in price, and this pattern could continue until the end of the pre-halving year, leaving both bullish and bearish investors in a state of financial disarray. Cowen explained that each faction might feel they were correct for a portion of the year, only to find out that their predictions were accurate for just half the time, resulting in financial setbacks for all involved by the year’s end.

In a separate video released late last month, Cowen shifted his focus to Cardano (ADA), another leading cryptocurrency. He warned that Cardano might be entering a “depression” phase, which could substantially decrease its price. Drawing parallels with the Nasdaq’s 50% drop, Cowen stated that a similar decline for Cardano, calculated from its then-level of $0.37, could push its price below $0.20.

Cowen also offered alternative methods for assessing Cardano’s potential price decline. He indicated that a 27% drop from a lower base could bring Cardano’s price to around $0.16, a level it last saw in August 2020. He further highlighted other significant price levels for Cardano, such as the $0.11 mark, which was its high in 2019, and the pre-pandemic high that hovered around $0.07 or $0.08.

Cowen emphasized the unpredictability of the cryptocurrency’s price if it enters a depression phase. He cautioned that Cardano could experience several consecutive weeks of price decline, with the possibility of brief recoveries that might tempt investors into taking greater risks. Specifically, Cowen mentioned that Cardano’s price could “pop back up for another couple of weeks just to make it so that people YOLO in one last time,” underlining the overall high risk and advising investors to remain vigilant.
Source: Read Full Article