Cryptocurrency analyst Benjamin Cowen talked about what could happen next for Ethereum (ETH) as the leading smart contract platform reclaims $3,000.
Saying in a new video that the second largest cryptocurrency has been trading between $2000 and $4000 for almost a year, the analyst believes that this will eventually pay off for ETH, given the length of the consolidation.
The crypto analyst said he believes the coin is currently tracking the 2016 price action, where it traded sideways for about a year before rising to new highs.
“Ethereum is theoretically in this type of move where there is an impulsive move from the bear market floor. There is some kind of impulsive move there and it remains sideways for the better part of the year. It may eventually go up.”
Cowen said that if Ethereum truly follows the 2016-2017 market structure, then ETH will likely record all-time highs in the middle of this year.
“I want people to look at these fractals through the same lens that retail investors once felt the way we do now, not with the idea that they should be. The sentiments were the same. The prices were different, but the sentiments were the same. What I was looking for: follow the fractal until it breaks. What happens is, we're consolidating a little bit. And then we just start going higher, and if that continues, then maybe we can hit all-time highs by May, June, July."
According to CoinGecko data; Ethereum price is $3,028.02 at the time of news and a 24-hour trading volume is $9,198,626,683. The price has increased by 0.5% in the last 24 hours. There is a supply of 120 Million ETH coins in circulation, a total supply of ∞ coins. WhiteBIT is currently the most active market where this is traded.