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

Carefully adopted crypto analyst Benjamin Cowen says that Ethereum (ETH) is heading towards an enormous transfer in about three months.

In a brand new technique session, Cowen tells his 784,000 YouTube subscribers that ETH is buying and selling inside a big wedge sample that might result in a breakout by Could of this yr.

Cowen says that to the draw back of the wedge is what he thinks is the “deep worth” zone for Ethereum, between the $600 to $1,000 value vary.

“Ultimately, it’s going to have to interrupt out a method or one other as a result of that is type of coming to an endpoint by Could. So I might count on us to both break to the upside or the draw back by Could. In fact, you guys know my opinion, I would favor to see it go dwelling to the regression line [or] regression trendline as a result of that’s in the end the place I feel the deep worth may be present in the identical manner it was discovered over right here in 2018, the identical manner it was present in 2020. So I feel that’s worthwhile to proceed watching.”

Supply: Benjamin Cowen/YouTube

Cowen additionally appears to be like that ETH in its Bitcoin pair (ETH/BTC) to gauge its energy. In line with the favored analyst, ETH/BTC is coming to an inflection level, most likely by subsequent month, with the chances leaning towards a downward transfer.

“That is additionally coming to a type of some extent someday by March. Not solely is the ETH/USD coming to a call level by that March and April timeframe, you possibly can argue the ETH/BTC valuation is coming to a really comparable section. One other manner that I assumed was worthwhile to check out the ETH/BTC valuation is to not simply measure the value relative to Bitcoin as a result of the provision is after all altering. Why don’t we measure the market cap of Ethereum divided by the market of Bitcoin?

I take a look at it within the prime vary over right here and I can’t assist however surprise if it’s not simply trying like this [2018], the place it has this type of distribution section on this higher area solely to in the end break to the draw back.”

Supply: Benjamin Cowen/YouTube

At time of writing, ETH is buying and selling at $1,534.


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