Crypto analyst Benjamin Cowen said he expects Ethereum (ETH) to see a sharp correction below the $1,000 level.
In a new strategy session, Cowen told his 790,000 YouTube subscribers that historically ETH has at least twice “tested the integrity” of major cycle lows before moving into a new bull phase. He said there are many.
The analyst pointed to retests of cycle lows in 2015, 2016, and 2020, and said further lows in 2022 have yet to be retested.
Cowen expects the Ethereum-Bitcoin pair (ETH/BTC) to break out first before ETH/USD follows suit, probably sometime this year.
“What I am saying is that ETH/BTC will collapse in the next few months. After ETH/BTC falls, ETH/USD will also fall.
One thing you might notice about ETH/USD is that it tends to just make a low and never test the integrity of that low. Let’s take a look at all the previous examples…
Therefore, at some point, I think Ethereum will test the integrity of its low and fall below $1,000. However, history would also suggest not testing ETH/BTC until it collapses. And history also suggests that ETH/BTC probably won't break out in January, as January is usually a good month for Ethereum.
Considering these stories that are emerging, the ETH spot ETF, and the halving story, it could still be a while before that happens. ”
At the time of this writing, Ethereum is trading at $2,268.
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