Crypto analyst Benjamin Cowen said Ethereum (ETH) has entered a “bearish window” that could last into December as the currency struggles to maintain key levels against both the US dollar and Bitcoin (BTC).
In the latest update, Cowen said ETH continues to fluctuate within the well-known range between $4,900 and $2,900.
He noted that this pattern is similar to the previous cycle, when ETH rose to around $4,900 before falling to $2,100.
“$2,100 is also an important level right now because $2,100 for ETH is basically back to June lows.”
He added that while a rally to $2,100 was not his base case earlier this year, it becomes more likely if Ethereum loses its current support around $2,900.
Cowen expects the broad decline to continue for another three to four weeks due to seasonal movements in ETH’s valuation relative to Bitcoin. He points out that there have been multiple turning points for ETH Bitcoin in December over multiple cycles, including 2015, 2016, 2017, 2018, 2019, and 2020.
He said ETH/BTC will bottom out this cycle around the same levels as last cycle, rebound to similar territory, and then fall towards 0.0029BTC.
“I expect ETH Bitcoin to continue falling until December.”
At the time of writing, Bitcoin is trading at $87,462 and ETH is trading at $2,885..
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