Cryptocurrency analyst Benjamin Cowen is warning {that a} weakening inventory market might trigger Ethereum (ETH) to retest lower cost ranges.
In a brand new technique session, Cowen tells his 889,000 YouTube subscribers that the S&P 500 might proceed to indicate weak spot in April, which, primarily based on historic priority, might end in ETH additionally declining.
“What I’m questioning is what occurs when you do see the S&P 500 proceed to indicate weak spot into early to mid-April? Bear in mind, we stated there’s going to be weak spot by the inventory market between February OPEX (Choice Expiration Week) and March OPEX. We bought that, however I additionally stated there’s a chance that it may lengthen into early to mid-April as effectively earlier than there’s a bigger counter-trend rally.
And the explanations for that may very well be attributable to tariff uncertainty on April 2nd. It may additionally simply merely be attributable to, there’s a number of macro information popping out in early to mid-April that I feel the markets are going to be keen on. And one of many causes I feel the markets are going to be keen on it’s as a result of with all these tariffs, it may probably affect inflation.”
Cowen says ETH might drop to its logarithmic trendline, probably as little as $1,044, amid recessionary pressures, earlier than reclaiming the $3,000 degree as assist.
“I’m simply trying over right here at ETH/USD [on the weekly chart], and I see a triple prime, and I simply should surprise does it finally culminate in a recession, the place everybody thinks that by the point the recession is said it’s over, however the actuality is the market was pricing it in effectively forward of time, so that you just get this massive drop after which an enormous transfer out of it. We’ve been speaking about that for some time, and it’s the entire concept that ETH goes dwelling.”
ETH is buying and selling for $1,909 at time of writing, up 4.7% within the final 24 hours.
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