In a recent video, Benjamin Cowen, a renowned analyst with a substantial following, expressed his concerns about the future of Ethereum (ETH). Cowen, who has 801,000 YouTube subscribers, believes that Ethereum may experience further downside in the coming months due to monetary policy.
According to Cowen, the potential rejection of the spot exchange-traded fund (ETF) could have a significant impact on ETH/USD. He predicts that the tighter monetary policy resulting from this rejection will cause people to attribute the downturn to the spot ETF and potentially panic sell.
However, Cowen also highlights a scenario in which Ethereum could see an increase in value. He suggests that if ETH rises, it would be due to Bitcoin experiencing a more substantial increase.
When it comes to the Ethereum/Bitcoin (ETH/BTC) pair, Cowen believes that it is likely to continue declining based on historical data. Regardless of whether Bitcoin goes up, down, or sideways, Cowen predicts that Ethereum/Bitcoin will follow a downward trend. He attributes this to Bitcoin’s various market movements since the beginning of 2022, stating that in eight out of ten quarters, Ethereum/Bitcoin has experienced a decline.
At the time of writing, ETH is trading at $3,002.
To stay updated on the latest news, readers can subscribe to receive email alerts from The Daily Hodl. The publication also provides price action updates and can be followed on platforms such as X, Facebook, and Telegram.
It is important to note that the opinions expressed in The Daily Hodl are not investment advice. Investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades are done at one’s own risk, and any losses incurred are the investor’s responsibility. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor does it serve as an investment advisor. The publication participates in affiliate marketing.
[Image: DALLE3]
