Ethereum (ETH) has once again aimed for the stars by scoring a new all-time high of $4,842.
Ethereum (ETH) scored its new personal best in tandem with the surge of Bitcoin (BTC) which also reached $68,000 in the early morning of November 9. Ethereum (ETH) has proven to be unstoppable as the momentum for the cryptocurrency is as constant as it has ever been.
As Ethereum (ETH) heads for new conquests, it is always the wondering of what happens from here on out. Ethereum (ETH) is undoubtedly among the most invaluable coins and blockchains in the crypto industry. Benjamin Cowen, the crypto analyst, seems to be on the same page and shares the high expectations regarding the future of Ethereum (ETH) in the months to come.
Benjamin Cowen is best known for streaming his analyses on the crypto market via YouTube. While his summer analysis for the vicious bull run of Ethereum (ETH) was spot on, the analyst has yet again come up with an Ethereum (ETH) analysis with an even more prospective outlook.
While Cowen initially classifies Ethereum (ETH) as being an “absolute beast”, he shows all the past market trends that rightfully earn the altcoin the adjective. Moreover, Cowen says that even though Ethereum (ETH) has not been without downturns, a deep analysis of the charts stretching for long periods of time indicates an upward trend in the future of Ethereum (ETH). Cowen argues that this trend has begun in March 2020, and it is bound to continue still.
Proof of this continuous trend can be observed from former all-time highs of Ethereum (ETH) from $1,700 to reach $2k, precisely $2,500 and $2,600. By observing previous patterns Cowen maintains that a similar trend is expected to occur as Ethereum (ETH) heads for new personal best conquests, with no obstacles on sight to stop the bull run.
Although Cowen is positively secure in his bull run prediction for Ethereum (ETH) most likely stretching through 2022, a potential bear trend however unlikely to happen was nonetheless explored.
On that note, Cowen posited that the possibility of ETH taking a dive of $3,000 or $4,000 is something that should be kept in mind because it is not exactly unprecedented for major cryptocurrencies, or minor ones for that matter to take dives from time to time. Yet, it is still far-fetched that the market could pull a 180 and go under either one of the support levels of 3k and 4k.
Moreover, a fast climb to ATH might very well be followed by a bear market because a sudden climb to a $20,000 trading value is for sure a red flag and the dip could be just as severe as the surge.
Yet, in the immediate time period, Ethereum (ETH) is still trading above the 100-day moving average and is exhibiting some bearish trends. The trend of buying and holding Ethereum (ETH) is consistent and it helps to support Ethereum (ETH) in price discoveries, where a rise to $5,000 is appearing to be well within the realm of possibility for the near future.