On Friday (16 December 2022), crypto analyst Benjamin Cowen\u00a0shared his thoughts on price action of the second most valuable cryptocurrency (by market cap).<\/p>\n
According to a report by The Daily Hodl, in a video update released yesterday, Cowwen told the 779K subscribers of his YouTube channel:<\/p>\n
\u201cI do think you\u2019re still looking at a leg lower here on Ethereum\u2019s valuation against the US dollar. I think around that $400-$600 range is a good spot to begin looking for that same type of value that we saw in the last cycle.<\/em>.. <\/p>\n \u201cI still think Ethereum is likely looking at lower prices eventually. I think this is supported by the idea of the social risk\u2026<\/em><\/p>\n \u201cI understand that you know a $600 Ethereum or even a $400 Ethereum is another 50% correction or more from these levels. But I do think there is reason to think that it could happen, not only from a price perspective and a technical perspective.<\/em> And I know there\u2019s sort of the fundamental idea of all the Ethereum that\u2019s been burned and whatnot. But the other side of it is that we are looking at a recession<\/em>.\u201d<\/p>\n https:\/\/youtube.com\/watch?v=-fwl2AJlB88%3Ffeature%3Doembed<\/p>\n Around two weeks ago, during an interview on \u201cAltcoin Daily\u201d, Cowen had this to say about Ethereum:<\/p>\n \u201cThe worst case scenario would be dependent on how bad this potential recession ends up being. It\u2019s hard to know exactly how that\u2019s going to affect crypto, but I would say for Ethereum, the main levels I\u2019m watching are the $400-$600 range.<\/em>..\u00a0I don\u2019t know if it\u2019s going to go all the way down to $400, but I do think a $600 ETH is potentially in the cards mainly because I think there\u2019s a lot of evidence to suggest that it\u2019s about one cycle behind Bitcoin in terms of volatility.<\/em><\/p>\n