A widely followed crypto analyst says that a massive crash for the leading smart contract platform is within the realm of possibility.
In a new strategy session, crypto trader Benjamin Cowen tells his 787,000 YouTube subscribers that a freefall to the $400-$800 range is in the cards for Ethereum (ETH), the second-largest crypto asset by market cap.
There’s a good chance that [there will] be a lower low, and it might not be a much lower low, maybe it just goes down to just below $800. It could go lower. It could go to $600 or $500 or $400, but that is in the cards for Ethereum.
Cowen also says that a move toward his downside targets would mark 2023 as the year when both ETH bulls and bears got “sufficiently wrecked.”
You could have a move where it sort of just slowly fades with some occasional pumps back up to the upside just to get everyone excited, and then down into the end of the year and then pop back up, right.
It could do something like that where it puts in a low, it puts in a high it then sweeps the high, and then sweeps the low. That way, by the end of the pre-halving year, both the bulls and the bears are sufficiently wrecked.
Then you went through the whole year and both sides thought they were right for the whole year, but they were really right for only half the year and the other side was right for the other half of the year, but by the end of the year, everyone’s wrecked.
The crypto strategist goes on to say that for the rest of 2023, he expects Ethereum to post lower highs and lower lows.
Ethereum is trading for $1,609 at time of writing, a 1.2% decrease during the last 24 hours.
Check Latest News Headlines
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
This article was originally reported on The Daily Hodl.