Ethereum (ETH) Continues Accumulation Phase

It’s been revealed that Ethereum continues to remain in an accumulation phase these days. The crypto market is making efforts to recover following multiple price losses.

At the moment of writing this article, ETH is trading in the red, and the coin is priced at $3,090.

Crypto analyst Benjamin Cowen said that Ethereum (ETH) is most likely gearing up for a major breakout after nearly a year of sideways reaccumulation.

As noted by the online publication the Daily Hodl, during a new strategy session, Cowen says that the price range between $2,000 and $4,000 is one big reaccumulation zone for Ethereum which is now on its way to higher prices.

“It would seem like there’s a good possibility that Ethereum would also eventually break out of this long reaccumulation zone that has basically just been $2,000 and $4,000.”

He continued and said the following:

“Between $2,000 and $4,000 is the reaccumulation zone in my opinion. If we break out of that and head higher, that’s when things can get somewhat crazy. There’s no guarantee that we ever come back to these prices again if we go higher. We could, but whenever we breakout from here we’ve never visited these prices.”

Cowen is reportedly addressing a scenario whereby Ethereum manages to fully come out of the current sideways market structure by June or July of 2022,

This could be happening before going on a parabolic rally that ultimately ends with a bear market back down to the current reaccumulation zone.

“If we do come out of this downtrend let’s say by the summer, and we come back up to the prior all-time highs, and then Ethereum breaks out and we start trending higher, maybe we get up to the $7,000-$8,000 level and then we have to go sideways there for half a year…”

Other than this, there are more and more optimistic crypto predicitons that are flowing in the crypto space these days.