Chart expert warns: “Ethereum will fall below 1,000 USD” – will Solana now overtake ETH?
3 min readAlert on the Ethereum chart! A renowned analyst warns: ETH will crash brutally, falling below $1,000! What’s behind it? And: Should you sell Ethereum – or use the crash to get started?
Ethereum price forecast sees ETH soon below 1,000 USD
He has been warning about systemic weakness in Ethereum for months – now top analyst and trader Benjamin Cowen is following up: ETH, according to his forecast, is about to crash below $1,000!
The decline could already be apparent: Ethereum (ETH) has lost -1% in the last seven days and is trading at $2,310, well below the annual high of $2,619, which was reached around two weeks ago.
Nevertheless, trading volume has been in the green over the last 24 hours, up almost 16% ( data from Coinmarketcap.com ). Probably because many investors are selling the digital asset?
The popular crypto strategist “Crypto Tony” emphasizes that he remains bullish as long as ETH stays above the support at $2,100.
Bullish on #Ethereum while above $2,100 support zone. Important level on the weekly pic.twitter.com/M8tFClacsm
— Crypto Tony (@CryptoTony__) January 29, 2024
What you should take into account: From the current price to under $2,100 – that corresponds to a setback of just -7.5%, so it is always possible. Crypto expert Benjamin Cowen even expects new annual lows to be reached – i.e. a setback in which ETH falls lower than ever before this year.
In a video forecast for ETH, the popular analyst explains to his 790,000 subscribers: First ETH weakens in relation to Bitcoin (BTC) – then the smart contract platform also mines the dollar pair.
But, says Cowen: The past also suggests that ETH will only test this value after the ETH/BTC collapse. That “probably” won’t happen in January either, as January is usually a good month for Ethereum.
In other words: According to Cowen’s Ethereum forecast, ETH could still have a few good days left before the real crash begins.
Should you sell Ethereum?
The American emphasizes: It could take a while before Ethereum collapses, as some narratives would currently keep the price alive. These include the hope for an Ethereum ETF and the thesis that the Bitcoin halving could also catapult alternative cryptocurrencies such as ETH to the top. Cowen suggests: These hopes will soon evaporate – and the Ethereum price will fall accordingly because investors are leaving disappointed. If you still want to invest: Buying ETH with Paypal is an option used by many investors.
Full-time trader Daan Crypto Trades comments: January to May ETH tends to have bullish price action – historically, June to December are among the weaker months.
“Historically, the months of January to May are by far the best months for ETH. Each of these months averages double-digit increases.”
$ETH Monthly returns 📊
Historically speaking, January to May are by far the best months for Ethereum. Double digit gains in each of these months on average.
While June to December tend to be more choppy. pic.twitter.com/XpZbHWcbh7
— Daan Crypto Trades (@DaanCrypto) January 29, 2024
However, the crypto markets are also famous and notorious for surprising turns of events, so the historically positive momentum until May is far from guaranteed.
So should you sell ETH? Many high-profile traders and industry observers are currently keeping their distance from ETH, including apparently BitMEX founder Arthur Hayes. His ETH forecast to $5,000 did not come true, now he explains his preference for a competing coin in an analysis. Hayes emphasizes: He is betting on Solana – and the SOL meme coin dogwifhat (WIF) – for the next bull run.
