Benjamin Cowen, a popular crypto trader and analyst, has described Ethereum (ETH), the second-largest cryptocurrency by market capitalization as an “absolute beast”. He also predicted the extent the digital currency could surge into 2022.
According to Cowen in a new strategic session shared with his teeming YouTube subscribers, Ethereum (ETH) has been in a strong uptrend since March 2020.
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Going by the chart captioned by the trader, Ethereum has been on a steady ascent following an uptrend line from a low of $86 in March 2020 to its current price of relatively $4,700. The trader believes that Ethereum gained more than 5,365% in less than 2 years.
During the strategic session, Cowen stated that he believes Ethereum’s current uptrend will extend into 2022, pinpointing several fundamentals that could push the price of ETH to higher highs.
Benjamin Cowen noted:
“If you zoom out on Ethereum, look at what it’s done over the last 18 months or so, more than 18 months. It basically has just been going up with time.
“I still stand by that going into 2022 should still be relatively bullish for Ethereum, especially with The Merge and whatnot coming up. I would also assume that some of the stuff we’ll be speculating on in 2022 would be things like a futures ETF (exchange-traded fund) for Ethereum, more institutional investors coming in the space.”
The Obvious Target: $6,571
As for Ethereum against Bitcoin (ETH/BTC), the trader outlined what he thinks could be the next crucial milestone for the trading pair. He added that he believes Ethereum will keep outperforming other altcoins in a long-term timeframe:
“I think the obvious target would be to first break the prior local high and then to get to a valuation of 0.1 BTC ($6,571). That would be significant. What would 0.1 BTC mean? It’s just 10% of Bitcoin… So if Bitcoin is at $61,000, it means ETH/USD is at $6,100… That would be a key milestone.
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“At the end of the day, Ethereum is an absolute beast. And you wonder why so many altcoins bleed against Ethereum. Look, this is what altcoins would have to keep pace with. A lot of them aren’t simply keeping pace with it. And this pace, this pace that Ethereum’s on is likely not stopping anytime soon. That’s the point.”
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