Benjamin Cowen: ETH Now Looks Similar To Prior 2016/2017 Bull Run

According to a popular crypto market analyst Benjamin Cowen, Ethereum (ETH) could be following the tracks of its early stages of the 2016/2017 bull run.

Cowen shared in recent video update to his 722K YouTube subscribers that Ethereum’s existing price pattern suggests that it’s in re-accumulation phase similar to 2016 and early 2017.

ETH was hovering between $7 and $14 until March 2017, when it started to soar all the way to $1,440 by January 2018.

“If you overlay this (2016/2017) bar pattern, and we just overlay it from this move, one of the things you’ll notice is there are a lot of similarities in these moves…

You come up, you come back down, you go back up, sort of a double-top sort of a thing there in the short-term, a long bleed back down, and then a slow move back up to the top.

This would equate getting back up to the top of the range by the very beginning of May and then seeing a breakout in the summer.”

The analyst, however, warns that there are risks related to ETH and that price rises to new ATHs are never a certainty. He urges investors to be cautious.

At the time of writing, ETH is trading at $3,407, up 13% on the weekly time frame.