Ethereum cryptocurrency is predicted to fall by 45% by the end of the year

Popular cryptocurrency analyst Benjamin Cowen has warned of a possible decline in the value of ETH $3,353.62 Bridged Ether (StarkGate) 0.96% Market capitalization $0.29 billion VOL. 24 hours $1.99 billion compared to the first cryptocurrency. The ETH/BTC pair could fall by 45% from the current value of 0.066 BTC.

Benjamin Cowen noted that by the end of this year, we should expect a large-scale drop in the ETH/BTC pair: «As far as I can tell from the chart, we’re constantly seeing lower and lower tops in the ETH/BTC pair, at least in the short term. However, in the longer term, we are seeing even lower tops in 2017 (0.036 BTC). And this is where the level of the beginning of the recovery may be.»

At the same time, the analyst noted that the likelihood of a «bullish rally» in this pair without a continuation of the correction is quite low — first, the bears need to complete this movement.

«I think, no matter what, in the short term, we should expect a continuation of the decline and only then can we assess the prospects for trading in the ETH/BTC pair ,» Cowen said.

In May, the cryptocurrency analyst warned his subscribers that the flagship cryptocurrency would spend the year 2023 in the range of $ 12,000 to $ 35,000.

As a reminder, yesterday the cryptocurrency market fell amid the publication of the Fed’s decision on the key rate and the speech of the head of the department, Jerome Powell. The regulator, as expected by most market participants, left the rate unchanged — in the range of 5−5.25%. The refusal to raise the Fed’s rate again is a positive signal for the stock market and the crypto industry. However, this pause may be temporary, pending the next rate hike.