Analyst Benjamin Cowen has warned investors that Ethereum will return to pre-bull run price levels. Benjamin Cowen claimed that the Ethereum price will return to $600 for the fifth time, saying:
“We’ve talked about this throughout this year, and the general expectation is that Ethereum went through a series of bull runs, but eventually returned home at the end of the day and it returned to the logarithmic regression band that fits the ‘non-bubble data’ and the same trend is occurring for the fifth time, if you remember 2018. “I’m not saying Ethereum will drop 95 percent, but let’s say even if it fell 87 percent, which would bring Ethereum back to the $600 level.”
All things considered, the analyst explained that although some investors want the bear market to end, ETH bears will still remain under control for the foreseeable future:
“It takes a long time, so it takes a really long time to get there, but I think we’ll get there eventually, and I think we’re going to need to get to those levels in the pullback band before we can support another bull run and support a sustained move in the market. Finally, when we get down to really deep value levels, I think we’re going to get there. It may be time to get back to the side of cryptocurrencies… If you are new to cryptocurrencies and have always been suspicious of such low forecasts, the last few months must have woken you up at this point, as you should plan for these scenarios even if they don’t have to happen, but they are highly likely to happen.”
At the time of this writing, Ethereum is changing hands at $1,252, about 52% off Benjamin Cowen’s potential price target.