Benjamin Cowen Cautions on Potential Upcoming Ethereum and Cardano Price Drops

In a latest YouTube video, Benjamin Cowen, a widely known crypto analyst, shared his ideas on the long run value actions of Ethereum. Cowen steered that the cryptocurrency won’t solely expertise a decrease low however might doubtlessly see its value fall beneath $800. He talked about that whereas the decline won’t be drastic, Ethereum might even contact value factors as little as $600, $500, or $400.

Increasing on Ethereum’s potential value trajectory, Cowen described a state of affairs the place the cryptocurrency might endure a sequence of fluctuations. In keeping with him, Ethereum would possibly witness intervals of gradual decline, punctuated by temporary spikes in value, and this sample might proceed till the tip of the pre-halving 12 months, leaving each bullish and bearish traders in a state of economic disarray. Cowen defined that every faction would possibly really feel they have been appropriate for a portion of the 12 months, solely to seek out out that their predictions have been correct for simply half the time, leading to monetary setbacks for all concerned by the 12 months’s finish.

In a separate video launched late final month, Cowen shifted his focus to Cardano (ADA), one other main cryptocurrency. He warned that Cardano may be coming into a “melancholy” part, which might considerably lower its value. Drawing parallels with the Nasdaq’s 50% drop, Cowen said {that a} related decline for Cardano, calculated from its then-level of $0.37, might push its value beneath $0.20.

Cowen additionally supplied different strategies for assessing Cardano’s potential value decline. He indicated {that a} 27% drop from a decrease base might convey Cardano’s value to round $0.16, a degree it final noticed in August 2020. He additional highlighted different vital value ranges for Cardano, such because the $0.11 mark, which was its excessive in 2019, and the pre-pandemic excessive that hovered round $0.07 or $0.08.

Cowen emphasised the unpredictability of the cryptocurrency’s value if it enters a melancholy part. He cautioned that Cardano might expertise a number of consecutive weeks of value decline, with the potential of temporary recoveries that may tempt traders into taking better dangers. Particularly, Cowen talked about that Cardano’s value might “pop again up for an additional couple of weeks simply to make it so that folks YOLO in a single final time,” underlining the general excessive danger and advising traders to stay vigilant.

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