Renowned cryptocurrency analyst Benjamin Cowen has made a bearish prediction for Ethereum (ETH), suggesting that the second-largest cryptocurrency by market capitalization could experience a further 30% decline, potentially leading to a total drop of 70% from its recent peak. This prediction is based on historical trends, particularly the last two instances when Ethereum’s price against Bitcoin (BTC) fell below key support levels, resulting in a 70% drop in the cryptocurrency’s value in US dollars. According to Cowen, these significant drops occurred in the last quarters of 2016 and 2019, and he believes that a similar scenario could unfold in Q4 2024. This prediction is in line with his analysis of Ethereum’s price action, which has been lagging behind Bitcoin and other cryptocurrencies such as Solana (SOL) over the past year. Despite his bearish short-term outlook, Cowen remains bullish on Ethereum’s long-term prospects, emphasizing that the cryptocurrency will likely maintain its position as the second-largest cryptocurrency by market capitalization. He also believes that Ethereum is “sniffing out some weakness in the market that other coins have not yet figured out,” suggesting that the cryptocurrency has a unique value proposition that will continue to drive its adoption and growth. Cowen’s prediction is also influenced by the increasing correlation between Ethereum and Bitcoin, which he believes will lead to a correction in both cryptocurrencies. However, he notes that Bitcoin’s correction is likely to be less severe than Ethereum’s. It’s worth noting that Cowen’s prediction is based on his analysis of historical trends and technical indicators, and should not be taken as investment advice. The cryptocurrency market is highly volatile, and prices can fluctuate rapidly in response to a wide range of factors. In terms of Ethereum’s current price action, the cryptocurrency is trading at around $2,370, which is similar to its mid-2022 levels. Despite its recent gains, Ethereum has not yet reached a new all-time high this cycle, peaking at $4,066 in March 2024. Overall, Cowen’s prediction highlights the potential risks and uncertainties associated with investing in cryptocurrencies, and the importance of conducting thorough research and analysis before making investment decisions. Key points:

• Benjamin Cowen predicts a further 30% decline in Ethereum’s price, potentially leading to a total drop of 70% from its recent peak.
• This prediction is based on historical trends, particularly the last two instances when Ethereum’s price against Bitcoin fell below key support levels.
• Cowen remains bullish on Ethereum’s long-term prospects, emphasizing that the cryptocurrency will likely maintain its position as the second-largest cryptocurrency by market capitalization.
• The increasing correlation between Ethereum and Bitcoin is likely to lead to a correction in both cryptocurrencies.
• Ethereum’s current price action is trading at around $2,370, which is similar to its mid-2022 levels.