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Is Ethereum at risk of a massive 60 percent correction?
Ethereum vs. Bitcoin: Learn why there is a potential 60% price drop and how it could affect the cryptocurrency market. Analysis by Benjamin Cowen. Trading strategies and market forecasts here!
Is Ethereum at risk of a massive 60 percent correction?
Ethereum vs. Bitcoin: Is there a risk of a 60% price collapse?
Popular YouTuber Benjamin Cowen recently expressed concerns about a possible Ethereum price drop. According to Cowen, the ETH/BTC ratio could plunge by up to 60 percent after failing to hold key support levels. The ETH/BTC trading pair measures the value of Ethereum relative to Bitcoin and serves as a key indicator of market sentiment and relative strength between the two largest cryptocurrencies.
The ETH price is around $3,092, up 0.7 percent in the last 24 hours but down 11.4 percent in a week. Cowen's analysis suggests a possible further downtrend in Ethereum price as the loss of key support levels creates uncertainty about future price action. The uncertainty in the digital currency market is compounded by the volatile movements on the ETH/BTC chart.
According to crypto analyst Ali, the zone between $2,000 and $2,430 forms critical support for Ethereum as around 9.37 million addresses hold around 53 million ETH. Despite the bearish signal from broken support on the ETH/BTC chart, this could prove to be a temporary swing failure pattern, with the possibility of a short-term price reversal.
Fundamentally, the Ethereum network is in a solid position and continues to show upside potential amid renewed crypto hype. The approval of Ethereum ETFs in China could also help to further increase the price and provide positive impetus for the future of the Ethereum price.