Benjamin Cowen: Ethereum Is Still A ‘Solid Play’ After The Latest Correction

A prominent crypto analyst and trader, Benjamin Cowen is looking into Ethereum (ETH) after the crypto market-wide correction that carved almost $600 billion off the market.

In a recent video, the analyst points out that historically, Ethereum has been multiple times in periods where it consolidates for long time and sparks on a massive surge – the likes of 2016 and 2019.

ETH’s latest correction still looks much more of a consolidation phase rather than a bear market, says Cowen. The height of the crash, Ethereum only reached prices that were seen in the previous month, according to the analyst.

“I do think we’ll go up again, but we just haven’t reached that phase yet. We haven’t reached that phase. We’re still in what I would consider long consolidation, and I don’t think we’re going to go up to these prices up here [$50K+] certainly, but I would argue that Ethereum is still very much in a long sideways accumulation, long consolidation.”

Cowen is a firm believer that a parabolic Q4 is not likely to happen anymore and that the crypto market cycles will be much longer going forward, he believes that Ethereum is still “a solid play” and that traders shouldn’t underestimate it.

“Ethereum still looks relatively strong. I would argue that it’s a solid play to have in your portfolio. A lot of altcoins bleed against Ethereum. Ethereum’s a blue chip. The technology is great. It’s holding up well against Bitcoin. It’s holding well against the US dollar despite the circumstances. Don’t forsake Ethereum.”