Two closely followed analysts conveyed their expectations for Ethereum, which has recently been on the agenda in anticipation of Merge. Here are the details…
Justin Bennett predicts “epic crash” for Ethereum
Popular crypto analyst Justin Bennett told his 105,500 Twitter followers that Ethereum is pointing to a bear market around $300 with the end of 2022. The analyst used the following statements:
Unpopular opinion: ETH bottom is probably closer to $300 than $1,000. They will say, ‘This will never happen. It fell in the last crypto bear market. This was without a global recession, a bear market for stocks, and inflation climbing to new highs in many developed countries.
Currently, Ethereum is changing hands at $1,600. A move towards Bennett’s target shows an approximately 80 percent downside risk for the top altcoin by market cap. As for Bitcoin, Bennett believes that BTC will likely head for lower prices once it receives channel support. On the other hand, Bennett said he expects the US dollar index (DXY), which pegs the US dollar against a basket of other fiat currencies, to continue to rise. He states that a rising DXY does not bode well for both Bitcoin and Ethereum.
Benjamin Cowen recounts the “worst-case scenario” on Ethereum
Crypto analyst Benjamin Cowen, on the other hand, revealed what he thinks could be a worst-case scenario for Ethereum (ETH) in terms of price action. In a recent strategy session, Cowen says the potential drop of $400 to $800 is the worst we can see for ETH, but it will also present a lifetime opportunity for the bulls. The analyst used the following statements:
Some people have asked me what is my worst case scenario on Ethereum. I would look at the logarithmic regression band and say this is probably the worst case scenario for ETH. If it was just to be rejected from the bull market support group like it was in March… I would look at it as a potential accumulation phase of a lifetime.
On the other hand, Cowen also suggests that the stars could align for Ethereum. According to the crypto strategist, ETH could take a different path if the much-anticipated update continues as the FED relaxes its monetary policy. He states that if the Merge, in which Ethereum will switch from proof-of-work to proof-of-stake, takes place without any problems, another way can be followed. As Cryptokoin.com previously reported, ETH founder Vitalik Buterin recently said that the Ethereum upgrade will begin on September 15.
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