Renowned Analyst Sounds Alarm on Ethereum Predicts a Fair Probability of ETH Plummeting in December Unveils His Objectives
Prominent crypto analyst Benjamin Cowen is cautioning investors about a potential crash in December for the top altcoin Ethereum (ETH). Speaking to his large following on social media platform X, Cowen points to historical patterns indicating that the second-largest digital asset by market cap may experience a drop towards the end of the year, with December marking its lowest point. Cowen highlights previous instances in 2016 and 2024 when ETH experienced significant drops in April, August, and December, suggesting a decent chance of a similar trend this time, potentially leading to another drop in ETH before the end of the year.
At the time of writing, Ethereum is trading at $2,517, showing a slight decrease in the last 24 hours. Cowen further notes that the ETH/BTC pair could also start to decline around the same time, potentially falling as low as 0.036 if it fails to hold its support at 0.038. Cowen predicts that the low point for ETH/BTC will likely occur before the end of the year, with the second week of January being the latest possible timeframe. If 0.038 fails as support, the next likely target is the 2016 high of 0.036. Cowen has consistently stated over the past three years that the low point for this cycle is likely to be between 0.03 and 0.04.
Currently, the ETH/BTC pair is valued at 0.0372. Cowen suggests that the pair will not reach its low until it surpasses its 50-day simple moving average (SMA). He emphasizes that as long as ETH/BTC fails to rise above the 50-day SMA, it is reasonable to assume that the low point has not been reached. In previous instances in 2016 and 2019, ETH/BTC experienced a strong upward movement once the actual low was established, surpassing the 50-day SMA. However, this has not yet occurred in the current situation.
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