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Ethereum

Historic Rally in Sight for Ethereum? Crypto Analyst Benjamin Cowen Compares ETH Price Action to 2017 Bull Cycle

Ethereum (ETH) could possibly be mimicking the early phases of the 2016/2017 bull run, in accordance to well-liked crypto analyst Benjamin Cowen.

In a brand new YouTube replace, Cowen tells his 722,000 subscribers that Ethereum’s present price patterns point out it’s in the same re-accumulation part to when it bounced between $7 and $14 in 2016 and early 2017.

Ethereum broke by means of that vary in March 2017 and rose previous a price of $1,440 by January 2018.

“If you overlay this [2016/2017] bar sample, and we simply overlay it from this transfer [now], one of many stuff you’ll discover is there are lots of similarities in these strikes…

You come up, you come again down, you return up, form of a double-top form of a factor there in the short-term, an extended bleed again down, after which a gradual transfer again up to the highest.

This would equate getting again up to the prime quality by the very starting of May after which seeing a breakout in the summer time.”

Cowen does stress that there’s danger concerned with ETH and that price will increase to new all-time highs are by no means a certain factor, encouraging warning amid this surge.

ETH is buying and selling at $3,393.41 at time of writing, up greater than 13% in the previous week.

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Featured Image: Shutterstock/Overearth

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