Cryptocurrency analyst predicts Ethereum collapse in the near future

Popular crypto analyst Benjamin Cohen believes that Ethereum ETH $3,004.03 Ethereum 0.71% Market capitalization $361.09 billion VOL. 24 hours $1.5 billion is facing tough times — despite the cryptocurrency’s rise in January. In his YouTube blog, Cohen predicts that ETH will likely fall to the $ 600-$ 800 range, which is 50−60% lower than the price it is currently worth.

At the time of writing, the leading altcoin is trading at $ 1,579, a 1.72% drop over the past 24 hours. However, over the past week, the price of ETH has increased by 4%.

«I believe that Ethereum will eventually enter a lower regression band. This will bring it back home. I think a sustained bull market for Ethereum will not happen until the cryptocurrency spends some time at its base level,» the analyst said.

Despite Cohen’s skepticism, other cryptocurrency experts predict that Ethereum will soon surpass BTC. According to Dragonfly Capital analyst Hastob Qureshi, the strong interest of institutional investors in Ethereum will create conditions for the main altcoin’s growth in 2023. And according to Nasdaq and Ycharts, the total number of transactions on the Ethereum network exceeded bitcoin by more than three times. In 2022, users made 408.5 million ETH transactions, which is 338% more than BTC transfers — 93.1 million.

It is worth noting that over the past two months, large investors have become much more active in buying ETH, according to data from the Santiment online analytics platform. Crypto sharks have become particularly active, with wallets holding between 100 and 10,000 ETH. «48,556 shark addresses is the highest level recorded since February 2021,» Santiment said in its report.