ETH Price Analysis: Crypto Analyst Benjamin Cowen Predicts Ethereum’s Upcoming Bull Run

The post ETH Price Analysis: Crypto Analyst Benjamin Cowen Predicts Ethereum’s Upcoming Bull Run appeared first on Coinpedia Fintech News

Ethereum (ETH) is currently facing a significant challenge as it struggles to surpass the crucial resistance level at $2,000, indicating a lack of demand at its current price range. The current market sentiments are mixed, and one prominent crypto analyst, Benjamin Cowen, has expressed a cautious outlook for Ethereum’s future, drawing insights from historical data. 

Let’s analyze the price of ETH which is stuck between two critical key levels, static resistance at $2K and critical support at $1,850. 

Where ETH Price is Heading?  

In his recent video update, Cowen examines Ethereum’s historical average monthly return on investment (ROI) and identifies a seasonal pattern in its performance. He points out that Q3, which includes the summer months, has not been the most favorable period to accumulate or hold ETH. As per the historical data, this timeframe has shown relatively lower returns on investments.

On the other hand, Cowen highlights that late Q4, particularly December and January, have historically been the most opportune times to accumulate Ethereum. Investors who purchased ETH during these months have generally experienced better returns on their investments.

Ethereum Accumulation Period Starts in Late Q4 and Early Q1

The data indicates that there is a clear seasonality associated with Ethereum’s performance, with demand and ROI tending to increase as we move toward the end of the year and early Q1.

He further explains that “If you go out to two years (ROI), you’ll see the same type of thing: June and July are the worst, and January and December are the best.”

For instance, if an investor bought ETH with the intention to sell it one year later, historical data suggests that December and January have been the most favorable months for doing so. Conversely, July has been historically identified as the worst month for ETH performance, with prices not varying significantly from the current levels. Looking at longer time horizons, the trend remains consistent. For a two-year ROI, June and July have been the worst months, while January and December have shown the best results. 

The current market cap for Ethereum is $1,858, but according to Cowen’s study of historical data, the cryptocurrency may not be ready to show its full potential for development just yet. Prior to making any decisions on the accumulation or holding of ETH, investors should take into account seasonal patterns and historical data. The biggest potential for significant returns may lie ahead in late Q4 and early Q1.