Ethereum ‘Window of Weakness’ To Last Three To Four More Weeks, According to Benjamin Cowen – Here’s What He Means

Crypto analyst Benjamin Cowen says Ethereum ($ETH) is entering a “window of weakness” that may extend into December as the asset struggles to hold key levels against both the US dollar and Bitcoin ($BTC).

In his latest update, Cowen says $ETH continues to oscillate in a familiar range between $4,900 and $2,900.

He notes that the pattern resembles the last cycle when $ETH rallied near $4,900 before breaking down to $2,100.

“Now $2,100 is also an important level because $2,100 for $ETH would be basically back at the low it had in June.”

He adds that a move to $2,100 was not his base case earlier in the year, but becomes more likely if Ethereum loses its current support at around $2,900.

Cowen expects the broader weakness to last another three to four weeks due to the seasonal behavior of $ETH’s valuation relative to Bitcoin. He points to repeated turning points for $ETH Bitcoin in December across multiple cycles including 2015, 2016, 2017, 2018, 2019 and 2020.

He says $ETH/$BTC bottoms this cycle near the same level as last cycle, rallies to a similar area and then drops back toward 0.0029 $BTC.

“I’m looking for $ETH Bitcoin to continue to bleed into December.”

Bitcoin is trading at $87,462 at time of writing, while $ETH is at $2,885.

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