In 2022, Ethereum completed its “Merge” upgrade, which introduced significant enhancements to the Ethereum network. However, despite the upgrade’s success, the price of ETH did not have a lasting beneficial impact, and it has mostly fallen over the past year.
But some experts predict that ETH’s price will boom in the coming months. Benjamin Cowen, a prominent crypto expert, suggests that ETH is trading in a huge wedge formation that could break out by May. He believes that the price range of $600 to $1,000 is the “bottom value” zone for Ethereum, which can be found at the bottom of the wedge.
Cowen anticipates that by May, Ethereum will either break out to the upside or downside. He would prefer it to break back to the regression line or regression trendline, as that is where he believes the true value of Ethereum lies.
ETH/BTC Could See Downtrend in Coming Days
Cowen also considers Ethereum’s pairing with Bitcoin (ETH/BTC) when analyzing its value. He predicts that ETH/BTC will reach an inflection point in the following month, with the probabilities favoring a downward fall. By March, both ETH/USD and ETH/BTC will reach a decision point, and Cowen believes it is important to look at the ETH/BTC valuation by not just comparing the price to Bitcoin.
He suggests dividing Bitcoin’s market cap by Ethereum’s and seeing it in the upper region, wondering if it isn’t just resembling what happened in 2018 when it went through a similar distribution phase in the higher region before breaking to the downside.
The current price of Ethereum is $1,534, but Cowen predicts it will continue to grow, potentially reaching $1,725. The Ethereum price appears to be developing a rising 1-2-1-2 pattern, suggesting a potentially volatile price move. If the bullish aim materializes, it may clear the way for investors to participate in a 20% surge.
Overall, the article suggests that while Ethereum’s recent past has been underwhelming, it may have a brighter future ahead, particularly in the coming months, according to the analysis of Benjamin Cowen. However, as with any investment, there are no guarantees, and investors should conduct their research and make informed decisions.
