Benjamin Cowen: Ethereum (ETH) Correction Is Not Over Yet

According to a leading crypto analyst, Benjamin Cowen, the Ethereum (ETH) correction is not over yet.

In recent video update, the analyst shared with his 713K YouTube subscribers that he is keeping a close watch on how ETH will react as it is closing in on bull market support band.

The bull market support band is a technical indicator that combines the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA).

Ethereum is showing signs of weakness without being able to even touch the bull market support band before resuming its downtrend, Cowen notes.

“It looks to me we are facing some level of rejection here. If you zoom in, we didn’t even make it there. We didn’t even make it to the 21-week EMA before getting rejected, which to me looks pretty weak to be completely honest.”

Looking into Ethereum against its Bitcoin pair (ETH/BTC), Cowen analyses that both look bearish after failing trade within the bull market support band.

“Furthermore, the Ethereum/Bitcoin valuation is getting rejected off of its own bull market support band. It’s hard for me to look at this and say either of these looks bullish. It’s hard for me to say, ‘Look, either Bitcoin looks bullish or Ethereum looks bullish.’ Right now, neither of them looks bullish.”

Regarding price target for ETH, the analyst projects it to fall below $2,000.

“We are still very much in our macro range of around say $1,700 up to let’s just call it a little over $4,000. But I think it’s more likely that, at the very least, we probably come back down and retest this low ($1,700).”