Analyst Benjamin Cowen Predicts Ethereum (ETH) Will Follow Gold Breakout to New All-Time Highs – Here’s His Outlook

Crypto strategist Benjamin Cowen believes that Ethereum ($ETH) can follow gold’s price action this year en route to printing new record highs.

In a new strategy session, the analyst tells his 931,000 YouTube subscribers that he sees Ethereum consolidating above $4,000 in the coming weeks to wait for a key technical indicator to rise before blasting to new all-time highs.

According to Cowen, the same pattern was witnessed in gold this year, when the precious metal consolidated above $3,100 before rallying to its record high of $3,700.

“There does exist a scenario where Ethereum just kind of goes sideways until the 21-week EMA (exponential moving average) catches up, and then it goes higher. That is also a perfectly valid outcome. In fact, we just saw that outcome play out with gold…

That’s exactly what happened with gold. You can see it. It had a big rally, and then it just went sideways until the bull market support band caught up, and then it pushed to a new all-time high… It’s done it plenty of times, where it’ll wait for the 21-week EMA or the 20-week SMA (simple moving average).

It’ll wait for them to catch up, and then it pushes higher, but it doesn’t necessarily have to go all the way down there.”

Source: Benjamin Cowen/YouTube

At time of writing, $ETH is trading at $4,342 while gold is worth $3,689.

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