Crypto analyst Benjamin Cowen has warned of a potential massive crash for Ethereum (ETH), the leading smart contract platform. In a recent strategy session, Cowen informed his substantial YouTube following of a possible freefall to the $400-$800 range for the second-largest cryptocurrency by market cap.
He suggests there is a chance of a lower low, potentially just under $800 or even as low as $400 or $500. Cowen believes that if Ethereum moves towards these downside targets, it would leave 2023 as a year where both bullish and bearish traders would be significantly impacted.
The analyst describes a scenario where Ethereum gradually declines with occasional upward pumps to create excitement, followed by a downward trend towards the end of the year. He expects Ethereum to experience lower highs and lower lows for the remainder of 2023. At present, Ethereum is trading at $1,609, showing a 1.2% decrease in the past 24 hours.
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