Analyst: ETH Not Ready for Bull Run till Huge Correction

March 22, 2023

Benjamin Cowen, a cryptocurrency strategist, is bearish on Ethereum (ETH) because the second-largest digital asset has failed to climb back above a key resistance level.

In a new video, Cowen tells his 785,000 YouTube subscribers that the price of Ethereum is likely to go down because there is a lot of “anxiety” around the $1,800 mark.

Cowen says that there isn’t as much “apathy” in the market as there was during the bear season of 2019/2020.

“There’s so much anxiety in this level [$1,800 resistance level] like I think it’s much more likely to break down eventually…

I will be the first to admit it’s taking longer than I thought it would. But I also don’t really feel that same type of apathy in the market now that I did back in 2019 and 2020.”

At the time of writing, one Ethereum is worth $1,736.

Cowen says that less people would care about Ethereum if the price of the second most valuable cryptocurrency fell to triple digits.

“It doesn’t really remind me of 2019 or 2020 just yet. But I imagine that if it were down here [around $700], the apathy would really set in. And then it would remind me of that phase.”

The crypto strategist who is widely followed says that Ethereum hasn’t done as well as Bitcoin (BTC) and is facing headwinds instead of tailwinds that could push its price up, like the switch to the proof of stake consensus mechanism last year.

“Ethereum has been showing a lot of weakness recently and Bitcoin has continued to push up while Ethereum/Bitcoin valuation has been getting very very weak.

And unfortunately, this time it doesn’t really have The Merge to sort of generate hype. In fact, we just are staring in the face of a potential recession rather than an immediate new bull market.”