Benjamin Cowen Looks Into Ethereum And What To Expect For 2022

A top cryptocurrency analyst and trader Benjamin Cowen looks into Ethereum (ETH) and what’s coming for it as we are moving into 2022.

In a recent video, Cowen shared with the 663K subscribers on his YouTube channel Into The Cryptoverse that Ethereum has been consolidating for most of this year.

To understand based on the history what could come next to ETH, Cowen looks at the previous consolidation phases in 2016 and 2017 – massive breakouts followed both. The analyst believes that some form of combination of these two phases is probably what Ethereum is going through now.

“What I’m thinking is it’s probably not going to be either of them. It could be a mix of the two. Maybe we do something in the middle and we breakout. I don’t know exactly but I would expect Ethereum to put in all-time highs in 2022 and potentially continue moving on into 2023, but I think it is highly speculative to count on that at the moment.”

According to Cowen Ethereum’s current consolidation phase looks very much like the one in 2016, especially that ETH price is hovering within a 2x window. In 2016 ETH traded between $8 and $16, while this year it has been mostly between $2,000 and $4,000.

Cowen estimates that ETH’s consolidation phase could last until mid-2022, but it’s very likely that it will break out after that.

“The trick is that this can’t go on forever without eventually entering into a bear market. So I imagine we do get some type of move up to the upside. I don’t know how high it’s going to go. I would expect $10,000 is a reasonable target. We could even go as high as $20,000. It’s hard to know… I’m imagining continued sideways movement for a little while, especially with Bitcoin looking somewhat weak at the moment.”