Crypto analyst and dealer Benjamin Cowen is revealing what he thinks is forward for Ethereum (ETH) transferring into 2022.
In a new technique session, Cowen tells his 663,000 YouTube subscribers that Ethereum has been in a consolidation section for the higher a part of 2021.
To get an concept of what may occur subsequent for ETH, the analyst seems to be at earlier consolidation phases in 2016 and 2017, each of which preceded huge breakouts to the upside. Cowen says some mixture of those two phases probably awaits Ethereum right this moment.
“What I’m thinking is it’s probably not going to be either of them. It could be a mix of the two. Maybe we do something in the middle and we breakout. I don’t know exactly but I would expect Ethereum to put in all-time highs in 2022 and potentially continue moving on into 2023, but I think it is highly speculative to count on that at the moment.”
Cowen notes that Ethereum’s present consolidation section is comparable to 2016 in that it’s sticking inside a 2x window. While ETH ranged between $8 and $16 in 2016, it has been hovering between $2,000 and $4,000 for the higher a part of 2021.
The analyst says that Ethereum’s consolidation may final so long as mid-2022 however that a breakout would be the probably finish end result.
“The trick is that this can’t go on forever without eventually entering into a bear market. So I imagine we do get some type of move up to the upside. I don’t know how high it’s going to go. I would expect $10,000 is a reasonable target. We could even go as high as $20,000. It’s hard to know… I’m imagining continued sideways movement for a little while, especially with Bitcoin looking somewhat weak at the moment.”
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