Benjamin Cowen: Ethereum could fall to $ 1000

Benjamin Cowen, a popular crypto analyst, said that based on the historical pattern of ETH $3,664.74 Bridged Ether (StarkGate) -4.53% Market capitalization $0.33 billion VOL. 24 hours $3.14 billion bottoming out in the fourth quarter, he expects ETH to drop significantly, going as low as $ 1,000.

«When I look at the cycle, I see ETH at $ 2,400, and it seems to me that there is a very high probability that in a few months, probably less than two months, we will look back and see that Ethereum finally bottomed out, and it took until the fourth quarter of 2024,» the analyst says.

According to Cowen, a similar movement in Ethereum’s price was observed in August 2019, when the cryptocurrency experienced a short rise, but then fell to the logarithmic trend correction line.

The analyst noted that ETH’s current attempts to rise do not have the power to reach new highs, comparing this situation to the events of 2019.

«Every rise ends with a rejection at the 21-week EMA, and this is exactly what happened in 2019 before Ethereum’s surrender in mid-November,» he added.

As a reminder, investments in Solana blockchain applications grew by 54% in the third quarter of 2024, reaching $ 173 million, and at the end of October, the blockchain surpassed Ethereum in terms of daily fees.

Earlier, a CryptoQuant analyst under the pseudonym maartunn said that by December 20, 2024, the number of cryptocurrency holders of The Open Network (TON) project could exceed the corresponding figure for Ethereum (ETH) .