Benjamin Cohen, a cryptocurrency analyst recognized for his channel “Into the Cryptoverse,” has warned that Ethereum's value may plummet to $1,200 by December, noting that the present cycle exhibits a wedge sample just like the one seen in 2019, however for a for much longer interval.

In a submit on social media platform X (previously Twitter), Cohen added that Ethereum is forming a wedge within the present cryptocurrency cycle, which incorporates increased lows just like the 2019 cycle however is about 10 instances longer.

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Cowen famous that within the 2019 cycle, ETH once more dipped into the wedge earlier than the Federal Reserve introduced rate of interest cuts, which he advised led to the ETH/BTC pair bottoming out in 2019, after which Ethereum noticed a large value rally.

When requested a few potential value degree that may very well be a backside for ETH/BTC, Cowen responded:

“My guess is we’ll see $1200 by December. In 2016 and 2019 ETH/BTC fell and ETH/USD fell 70% to a danger of 0.300. Now the danger of 0.300 is $1208. This implies a comfortable touchdown and for my part a rally in early 2025.”

One other crypto analyst, Chris McCrypto, disagrees with Cowen's prediction, arguing {that a} drop to $1,200 could be an indication of a full-blown bear market. He believes Ethereum will doubtless backside out round $1,850 earlier than rebounding.

ETH Worth Exceeds $2,300

Presently, ETH has recovered above $2,300, rising greater than 2.3% previously 24 hours. The cryptocurrency has a market capitalization of $282 billion.

Additionally learn: Ethereum may plummet to $1,200 by December, analyst warns

The cryptocurrency is down 52.01% from its all-time excessive of $4,891.70 recorded on Nov. 16, 2021.

The Relative Power Index (RSI) is exhibiting a price of 39.95 for ETH value motion, which means that sellers have the higher hand, nevertheless the slope of the road means that the transfer might decelerate.