0 reply
0 recast
0 reaction
Ethereum Price Can Drop to $1,200 Following Fed Rate Cuts
Crypto analyst Benjamin Cowen recently stated that the current wedge pattern of the Ethereum (ETH) price is very similar compared to the lows of the 2019 wedge. Back in 2019, ETH fell back to its wedge before the first rate cut, resembling a similar pattern to the present cycle in 2024.
Following the first rate cut in 2019, ETH dropped below its wedge, and ETH/BTC eventually reached a bottom. Cowen predicts that ETH could drop to $1,200 by December, based on historical patterns. The ETH/BTC pair broke down in 2016 and 2019, leading to a 70% decline in ETH/USD to a risk level of 0.300.
Taking the current risk levels into consideration, this shows the Ethereum price drop to continue to the $1,208 level. Cowen anticipates a potential soft landing for ETH, with a possible rebound in the first half of 2025. Cowen cautions investors that they should take their own decisions and that he could be wrong too. 0 reply
0 recast
0 reaction
