Here’s the worst-case scenario for Ethereum (ETH), according to crypto analyst Benjamin Cowen
Crypto analyst Benjamin Cowen lays out what he believes could be the worst-case scenario for Ethereum (ETH) in terms of price action.
In a new strategy session, Cowen says a potential drop down to the $400-$800 range is the worst we could see for ETH, but it would also present an opportunity of a lifetime for bulls.
“Some people have asked me what is my worst-case scenario on Ethereum. For me, I would look at the logarithmic regression band and say that’s probably the worst-case scenario for Ether. If only it were to bounce off the bull market support band like it did in March … I would see this as a potential accumulation phase in life.”
On the other hand, Cowen also claims that the stars may be aligning for Ethereum. According to the crypto strategist, ETH could take a different path if the long-awaited update comes through as the Federal Reserve loosens monetary policy.
“If Ethereum gets rejected here and goes and enters a lower low, I would probably consider it a better candidate for an accumulation phase of its life. If, on the other hand, Ethereum goes through and the transition from proof of work to proof of stake goes amazingly without a hitch — I think a lot of these software upgrades, you have to understand that a lot of things go wrong — but if it goes without a hitch, and the Fed swings, then we might see a different route being taken.”
Ethereum founder Vitalik Buterin recently said that Ethereum’s upgrade is scheduled to roll out on September 15.
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