dailyhodl.com
Crypto analyst and trader Benjamin Cowen is revealing what he thinks is ahead for Ethereum (ETH) moving into 2022.
In a new strategy session, Cowen tells his 663,000 YouTube subscribers that Ethereum has been in a consolidation phase for the better part of 2021.
To get an idea of what could happen next for ETH, the analyst looks at previous consolidation phases in 2016 and 2017, both of which preceded massive breakouts to the upside. Cowen says some combination of these two phases likely awaits Ethereum today.
“What I’m thinking is it’s probably not going to be either of them. It could be a mix of the two. Maybe we do something in the middle and we breakout. I don’t know exactly but I would expect Ethereum to put in all-time highs in 2022 and potentially continue moving on into 2023, but I think it is highly speculative to count on that at the moment.”
Cowen notes that Ethereum’s current consolidation phase is similar to 2016 in that it’s sticking within a 2x window. While ETH ranged between $8 and $16 in 2016, it has been hovering between $2,000 and $4,000 for the better part of 2021.
The analyst says that Ethereum’s consolidation could last as long as mid-2022 but that a breakout will be the likely end result.
“The trick is that this can’t go on forever without eventually entering into a bear market. So I imagine we do get some type of move up to the upside. I don’t know how high it’s going to go. I would expect $10,000 is a reasonable target. We could even go as high as $20,000. It’s hard to know… I’m imagining continued sideways movement for a little while, especially with Bitcoin looking somewhat weak at the moment.”