Cryptocurrency analyst Benjamin Cowen talked about what could happen next for Ethereum (ETH) as the leading smart contract platform reclaims $3,000.
Saying in a new video that the second largest cryptocurrency has been trading between $2000 and $4000 for almost a year, the analyst believes that this will eventually have a counterpart for ETH, given the length of the consolidation.
The crypto analyst said he believes the coin is currently tracking the 2016 price action, where it traded sideways for about a year before rising to new highs.
“Ethereum is in this kind of move where there is theoretically an impulsive move from the bear market floor. There’s some kind of impulsive movement there and it remains sideways for the better part of the year. Eventually it can go up.”
Source: Benjamin Cowen/YouTube
Cowen said that if Ethereum really follows the 2016-2017 market structure, ETH will likely record all-time highs in the middle of this year.
“I want people to look at these fractals not with the idea that they should be, but through the same lens that retail investors once felt as we do now. The feelings were the same. The prices were different but the feelings were the same. What I’m looking for: follow the fractal until it breaks. What happens is that we consolidate a little bit and then we just start going higher and if that continues, then maybe we can hit all-time highs by May, June, July.”
Ethereum was trading at 3015 dollars at the time of writing.
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