Crypto Analyst Benjamin Cowen Raises Concerns About Potential 60% Price Collapse of Ethereum (ETH)
Crypto analyst and trader Benjamin Cowen has sounded the alarm on Ethereum (ETH), warning of a potential 60% price collapse in the near future. In a recent analysis, Cowen highlighted the loss of crucial support levels in the ETH/BTC trading pair, signaling further downside for the second-largest cryptocurrency.
The ETH/BTC trading pair is a key indicator of market sentiment and relative strength between Ethereum and Bitcoin, with Cowen noting that past instances of major support breaks led to a 60% drop in price within three to six months. With Ethereum currently struggling to maintain the $3,000 level, the loss of support for the ETH/BTC pair adds to the uncertainty surrounding its price.
At the time of writing, ETH was down 3% to $3,055, with analyst Ali pointing to a critical support zone between $2,000 and $2,430. While Cowen’s prediction may seem dire, it is important to remember that historical trends do not guarantee future outcomes.
In other news, the Ethereum community is engaged in a debate over potential changes to the ETH monetary policy, with proposals aimed at curbing the rapid expansion of the staking pool. This discussion follows suggestions to slow ETH issuance and reduce staking incentives, highlighting the ongoing evolution of the Ethereum ecosystem.
As volatility and uncertainty grip the cryptocurrency market, all eyes are on Ethereum as it navigates these challenges and seeks to maintain its position as a leading digital asset.
