Ethereum Price Predictions: Insights from Legendary Analyst for December 2024
Summary
Ethereum has been trading sideways, with analyst Benjamin Cowen predicting a price bottom by December 2024, correlating with rising US unemployment rates. Despite significant recent declines, Cowen anticipates a potential recovery following this expected downturn. Currently priced at $2,354, Ethereum continues to face increased selling pressures.
The price of Ethereum (ETH) has been exhibiting significant sideways movement akin to Bitcoin (BTC). Renowned crypto analyst Benjamin Cowen, founder of ITC Crypto, has shared his insights regarding Ethereum’s price trends through a YouTube video. He suggests that Ethereum might reach a price bottom by December 2024, which historically aligns with periods of peak United States (US) unemployment. Traditionally, the unemployment rate in the US peaks in December, coinciding with Ethereum’s price bottoms in previous years, specifically in 2016 and 2019. With the current upward trend in unemployment rates, Cowen posits that December 2024 could similarly witness a peak in unemployment, potentially resulting in a corresponding decline in Ethereum’s price. Currently, Ethereum has faced a downward trend, losing over 20% of its value this year, dropping below the $3,000 mark. Despite the introduction of Spot Ethereum Exchange Traded Funds (ETFs), these developments have failed to revive its price momentum. Cowen anticipates a possible decline of up to 50%, although he acknowledges that this projection may be less severe. He has set a new target price for Ethereum, predicting it could drop to approximately $1,200 by December. In an analysis drawing parallels between past price actions in Ethereum from 2019 to potential future movements, Cowen indicated that a temporary dip below a recently established wedge pattern could precede the anticipated price bottom. Following this downturn, he suggests that Ethereum could be poised for a significant recovery. At present, Ethereum is trading at $2,354, showing a slight increase of 1.26% within the past 24 hours. However, amidst growing selling pressures and broader market volatility, movements of Ethereum tokens reflect these challenging market conditions. For instance, a recent report revealed that MetaAlpha executed a major transaction, depositing 10,000 ETH worth $23.45 million into the Binance exchange. Additionally, the Ethereum Foundation has reduced its holdings, selling a total of 2,616 ETH since January.
The article explores Ethereum’s recent price trends amidst broader market volatility, highlighting insights from prominent crypto analyst Benjamin Cowen. The context of Cowen’s analysis relates to historical price movements of Ethereum, particularly in December, and how they correlate with unemployment rates in the United States. The discussion emphasizes Ethereum’s significant need for a price recovery and the ongoing challenges it faces in gaining upward momentum despite recent financial instruments such as ETFs.
In summary, prominent crypto analyst Benjamin Cowen forecasts a potential price bottom for Ethereum by December 2024, aligning with historical unemployment trends in the US. Cowen anticipates significant price declines, potentially reaching as low as $1,200. Current market pressures, including selling activities and recent price declines, underscore the challenges Ethereum faces in recovering momentum. Nonetheless, a potential recovery phase could follow the anticipated price bottom.
Original Source: www.newsbtc.com
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