Widely followed crypto analyst Benjamin Cowen has warned that the price of Ethereum (ETH) could fall significantly.
Cowen told his 801,000 YouTube subscribers that Ethereum has fallen below the Bull Market Support Band (BMSB). BMSB is an indicator consisting of a 20-week simple moving average and a 20-week exponential moving average that is used to determine whether an asset's price is in an uptrend. bullish or bearish territory.
“The last time Ethereum fell below a bull market support band was actually about 30 weeks ago. Or, the last time it fell below a 20-week simple moving average was about 30 weeks ago. It's been quite a while, but now I'm closing under it again.
Cowen said the price of Ethereum has fallen significantly over the past two periods, much like the current situation where the second-largest cryptocurrency closed below BMSB.
“In both cases, after breaking below the bullmark support band, Ethereum/USD declined another ~50%…
…50% from here [around $2,970] ETH will drop to around $1,400. ”
At the time of writing, Ethereum is trading at $2,902.
A widely followed analyst predicts that the Ethereum/Bitcoin (ETH/BTC) pair will bottom in the coming weeks, while the Ethereum/U.S. Dollar (ETH/USD) pair is expected to bottom before forming a bottom. He said it could take more time.
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