Crypto analyst Benjamin Cowen is laying out what he thinks could be the worst-case scenario for Ethereum (ETH) in terms of price action.
In a new strategy session, Cowen says that a potential dip down to the range between $400 and $800 is the worst thing we could see for ETH, but that it would also present the opportunity of a lifetime for bulls.
“Some people have asked me what is my worst-case scenario on Ethereum. For me, I would look at the logarithmic regression band and say that’s probably the worst-case scenario for Ether. If it were to just simply get rejected off of the bull market support band like it did in March… I would be looking at this as a potential accumulating phase of a lifetime.”
On the other hand, Cowen also posits that the stars could align for Ethereum. According to the crypto strategist, ETH may take a different route if its highly anticipated update pushes through while the Federal Reserve loosens its monetary policy.
“If Ethereum gets rejected here and goes and puts in a lower low, I would likely consider that to be a better candidate for an accumulation phase of lifetime. If on the other hand, Ethereum rallies through and the transition from proof of work to proof of stake goes through amazingly without any issues – I do think that a lot of these software upgrades, you do need to understand that a lot of things go wrong – but if it goes off without a hitch, and the Fed pivots, then perhaps we could see some other route being taken.”
Ethereum founder Vitalik Buterin recently said that Ethereum’s upgrade is scheduled to roll out on September 15th.
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