Benjamin Cowen predicts Ethereum’s collapse to $ 3,400

Analyst Benjamin Cowen has warned investors about a possible deep correction in Ethereum this month. In a video on YouTube, where his channel has 928,000 subscribers, he stated that the second largest cryptocurrency by capitalization could drop below $ 4,000 in the coming weeks.

Cowen explained that this is a 30% drop from the local high, which would mean another 20% drop from current values. He emphasized that he expects a pullback to the 21-week exponential moving average in late September or early October.

According to his forecast, the ETH price may fall to the range of $ 3,400-$ 3,600, after which it will recover quickly and reach a new all-time high. In his opinion, such a correction will be a prerequisite for further growth.

Cowen also advised investors to focus on a few key ideas instead of trying to track hundreds of different altcoins. He emphasized that significant profits can be made even on one successful strategy without scattering attention on numerous assets.

At the time of publication, Ethereum is trading at $ 4,289, showing a slight increase over the past day.