On 13 November 2022, crypto analyst Benjamin Cowen shared his technical analysis of the Ethereum ($ETH) price action, and explained why he believes that this bear market could take the $ETH price to as low as $600.
According to a report by the Daily Hodl, Cowen said:
“We’ve talked about this throughout this year and the general expectation is that Ethereum goes through a series of bull runs, but It ultimately just heads home at the end of the day and that’s back to its logarithmic regression band fit to “non-bubble data” and we’re sort of seeing that same trend take place for the fifth time…
“If you remember back to 2018, the drawdown that Ethereum had was about 95% or so. I’m not saying Ethereum is going to go down 95%, but even if it went down, say 87%, which is what Bitcoin went down after its 95% bear market, that would still put Ethereum at $600…
“It takes a long time, I mean it’s taking a really long time for us to get there, but I do think we will get there eventually and it will take us going to those levels in the regression band, in my opinion, before we can actually support another bull run and support a sustained move in the market… Eventually, once we get down to levels that are really deep value, it might be time to sort of flip back to the bullish side…“
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