Benjamin Cowen Draws Timeline For Ethereum Reach All-Time High

A top crypto market analyst Benjamin Cowen looks into Ethereum (ETH) and outlines a path and a timeline for the leading smart contract platform to climb up to its all-time high levels.

In a recent video update, Cowen shared with the 705K subscribers to his YouTube channel that ETH has been trading in a wide range between $2,000 to $4,000 since early 2021.

According to Cowen Ethereum’s extended consolidation is not unusual behavior for the digital asset.

“You also have to remember that that volatility is incredibly normal for an asset class that’s able to yield a 40x in about a year. If a 40x is possible in a year and then we have to consolidate for a while, oftentimes these consolidation phases can last.” 

He is talking about the timeframe from March 2020 to May 2021 when ETH rose from about $100 to over $4,000.

According to Cowen, ETH’s current price action looks very similar to its market structure back in 2016 when the it also consolidated for almost a year before igniting a huge rally.

If Ethereum’s 2016 market structure acts as a roadmap for what’s ahead, the analyst believes that ETH could reach all-time high around May this year.

“Qualitatively, there still remains a lot of similarities between what would happen with Ethereum back then and what is happening today. Now I should say I don’t expect Ethereum to pull off a 200x move from this point even if this does prove to just be a long sideways consolidation because that’s what it did last time. It went from $7 up to $1,400 in a relatively short period of time. I don’t expect that.

But what I would expect is, if it is going to play out, what does it mean? It means we have still a grind ahead of us. If it’s going to take us until May to get back up to the prior all-time high, which would be, I mean at this point, a lot of people would very much welcome Ethereum going back to the prior all-time highs by May.”