CryptoSlate Report:
A highly regarded cryptocurrency analyst has issued a warning to investors that the top altcoin Ethereum (ETH) may experience a collapse in December.
During a recent strategy conference, renowned cryptocurrency trader Benjamin Cowen told his 869,900 followers on social media platform TikTok that, based on historical patterns and market capitalization, the second-largest digital asset may see a downturn towards the end of the year, reaching its lowest point in December.
“In 2016, Ethereum experienced significant drops in April, August, and December. In 2024, Ether saw major declines in April and August. Therefore, it is highly likely that it will follow a similar pattern, with Ether experiencing another drop before EOY (end of year), reaching its lowest point in December.”
Source: Benjamin Cowen/X
At the time of writing this article, Ethereum’s trading price was $2,517, experiencing a slight decline in the past 24 hours.
Cowen further pointed out that the ETH/BTC currency pair may start to decline around the same time, potentially dropping to 0.036 if the support level around 0.038 does not hold.
“ETH/BTC has just broken the previous low. As I mentioned, if 0.038 doesn’t hold, 0.036 could be the next stop-loss level. Structurally, I believe the low point will be before EOY (at the latest, in the second week of January). If 0.038 fails, the next potential target is the high point of 2016 at 0.036. As I have been saying for the past three years, the low point of this cycle may be between 0.03-0.04.”
Source: Benjamin Cowen/X
ETH/BTC is currently valued at 0.0372.
According to Cowen, the ETH/BTC currency pair will not touch the low point until it surpasses its 50-day simple moving average (SMA).
“As I said a month ago, as long as ETH/BTC fails to surpass the 50-day SMA, there is reason to believe the low point may not occur. In 2016 and 2019, once the actual low point was reached, ETH/BTC strongly surpassed the 50-day SMA (which has yet to happen).”
Source: Benjamin Cowen/X
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