Ethereum New Prediction Is Released – What’s Next For ETH?

There are optimistic predictions about the prices of digital assets these days, as the crypto market is struggling to recover following recent corrections.

It’s been just revealed that a popular crypto analyst, Benjamin Cowen, believes the corrective period for Ethereum (ETH) is still not over.

In a new strategy session, he explained that he’s closely watching Ethereum’s reaction as it approaches a bull market support band.

It’s important to note the fact that the bull market support band is a technical indicator that combines the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA).

Cowen said that ETH’s inability to even touch the bull market support band before resuming its downtrend is a clear sign of weakness.

“It looks to me we are facing some level of rejection here. If you zoom in, we didn’t even make it there. We didn’t even make it to the 21-week EMA before getting rejected, which to me looks pretty weak to be completely honest.”

At the moment of writing this article, ETH is trading in the green and the coin is priced at $2,716.

The same analyst is also looking at Ethereum against Bitcoin (ETH/BTC) and says the pair is also bearish. He said that it looks like this after failing to reclaim the bull market support band.

“Furthermore, the Ethereum/Bitcoin valuation is getting rejected off of its own bull market support band. It’s hard for me to look at this and say either of these looks bullish. It’s hard for me to say, ‘Look, either Bitcoin looks bullish or Ethereum looks bullish.’ Right now, neither of them looks bullish.”

Other than this, there are all kinds of moves that are taking place in the crypto space that are taking the mass adoption of cryptos on the right path. This has been one of the most important goals that the crypto industry has set.