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- It reported a pessimistic outlook that Ethereum (ETH) will find it difficult to break past its previous high next year.
- It said that with Bitcoin appearing to enter a bear market, it is hard to expect an independent rise from Ethereum.
- Cowen said that recovery to $4,878 is likely a bull trap and that a sharp drop to the $2,000 level is a probable scenario.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
A pessimistic forecast has been raised that it will be difficult for Ethereum (ETH) to break past its previous high and reach a new peak next year. Analysts say it is hard to expect Ethereum alone to rise independently while Bitcoin appears to be entering a bear market.
Benjamin Cowen, a cryptoasset (cryptocurrency) analyst, appeared on the Bankless podcast on the 23rd (local time) and said, "If Bitcoin has entered a true bear market, it is practically very difficult for Ethereum to rise on its own."
Cowen warned that even if Ethereum were to recover the all-time high of $4,878 recorded last August, this is more likely to be a 'bull trap (Bull Trap·false rally)' rather than a trend reversal. He predicted, "A scenario in which Ethereum surges near its previous high and then rapidly falls again to the $2,000 level is likely."
On the 26th, on Binance's Tether (USDT) market, Ethereum was trading around $2,973, up about 1.1% from the previous day. To recover the previous high of $4,878, it would require an increase of more than about 40% from the current price.
Cowen also expressed a skeptical view of altcoins in general. He said, "Among altcoins, Ethereum is the only one that still has a chance to set a new record in this cycle," and added, "The rest of the altcoins are already at the end of this cycle, and coins that did not exceed their previous highs will find it difficult to rebound going forward."
