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According to closely followed crypto analyst Benjamin Cowen, Ethereum (ETH) is set to make a significant move in the next three months.Cowen tells his 784,000 YouTube subscribers in a new strategy session that ETH is trading within a large wedge pattern that could lead to a breakout by May of this year.Cowen believes that the &#34;deep value&#34; zone for Ethereum, which he believes is between $600 and $1,000, is to the downside of the wedge.&#34;Eventually, it&#39;s going to have to break out one way or another because this is sort of coming to an endpoint by May. So, by May, I expect us to either break to the upside or the downside. Of course, you know my preference; I&#39;d rather see it return to the regression line [or] regression trendline because that&#39;s ultimately where I believe the deep value can be found, just as it was found over here in 2018, just as it was found in 2020. So I think it&#39;s worthwhile to keep watching.Cowen also considers the strength of ETH in its Bitcoin pair (ETH/BTC). According to the popular analyst, ETH/BTC is approaching an inflection point, most likely next month, with the odds pointing downward. This will also come to a head sometime in March. Not only is the ETH/USD approaching a decision point in March and April, but the ETH/BTC valuation is approaching a similar stage. Another way to look at the ETH/BTC valuation that I thought was worthwhile was to not just measure the price relative to Bitcoin because supply is, of course, changing. Why don&#39;t we divide the market cap of Ethereum by the market cap of Bitcoin?When I look at it in this upper range, I can&#39;t help but wonder if it&#39;s not just like this [2018], where it has this sort of distribution phase in this upper region before breaking to the downside.&#34;

Analyst Benjamin Cowen Predicts Ethereum (ETH) Move in May – Here’s His Outlook

ItsBitcoinWorld

Alte articole publicate pe 13 feb. 2023

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