Benjamin Cowen, a popular crypto analyst, has outlined what is next for Ethereum (ETH), the second-largest cryptocurrency by market cap, after reclaiming $3,000.
In a recent strategic session, Cowen told his teeming subscribers on YouTube that ETH, the native token of the largest smart contracts platform, has been trading between $2,000 and $4,000 price levels for relatively a year.
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The analyst believes that the period of consolidation is bullish for the trend of the digital currency. He added that he believes that Ethereum is currently replicating its 2016 price action when ETH traded sideways for relatively one year before exploding to new price all-time highs.
The strategist further stated that if Ethereum could follow its 2016-2017 market trend, ETH will possibly record new all-time highs by the middle of the year.
Benjamin Cowen noted:
“What I do think is that Ethereum is unlikely to spend a year or more between $2,000 to $4,000 just to throw it all away.”
“Ethereum is theoretically in this sort of move where you have an impulsive move off of the bear market bottom. You have some type of impulsive move there, and then you go sideways for the better part of a year, and then you can ultimately break out to the upside…
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“I want people to not look at this fractal with the idea that it has to play out, but look at it with the same lens that retail investors felt the exact same way as we did right now once upon a time. The emotions were the same. The prices were different, but the emotions were the same.
What I’m looking for: follow the fractal until it breaks. What happens is we consolidate for a little bit and then just start pushing higher and if it were to continue to play out, then maybe we are looking at new all-time highs by May, by June, by July, something like that.”
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