Benjamin Cowen Predicts A Huge Rally For Ethereum For Mid-2022

According to a top crypto market analyst Benjamin Cowen Ethereum (ETH) looks to be prepping up a large scale breakout after almost a year of sideways movement.

In a recent video update, Cowen notes that Ethereum has been reaccumulating between $2,000 and $4,000, and seems now ready to move up to higher levels.

“It would seem like there’s a good possibility that Ethereum would also eventually break out of this long reaccumulation zone that has basically just been $2,000 and $4,000. Between $2,000 and $4,000 is the reaccumulation zone in my opinion. If we break out of that and head higher, that’s when things can get somewhat crazy. There’s no guarantee that we ever come back to these prices again if we go higher. 

We could, but whenever we breakout from here we’ve never visited these prices.”

The analyst draws a scenario where by middle of 2022 Ethereum could break out of the sideways structure and launch into a huge rally before tracing back to the existing reaccumulation levels.

“If we do come out of this downtrend let’s say by the summer, and we come back up to the prior all-time highs, and then Ethereum breaks out and we start trending higher, maybe we get up to the $7,000-$8,000 level and then we have to go sideways there for half a year… 

And then, if it breaks out into some final market cycle peak like that, then perhaps this downtrend will end somewhere below a potential accumulation range… This would just be if it repeats what happened last time.”

At time of writing, ETH is trading at $3,077 up 11.3% on the weekly chart.