Cryptocurrency strategist Benjamin Cowen is expressing bearish sentiment on Ethereum (ETH) amid failed efforts by the second-largest digital asset to climb again above a key resistance stage.
In a brand new video, Cowen tells his 785,000 YouTube subscribers that because of the excessive ranges of “nervousness” for Ethereum that has constructed up across the $1,800 worth, ETH is prone to fall.
In keeping with Cowen, the extent of “apathy” available in the market just isn’t as excessive relative to the bear season of 2019/2020.
“There’s a lot nervousness on this stage [$1,800 resistance level] like I believe it’s more likely to interrupt down finally…
I would be the first to confess it’s taking longer than I believed it could. However I additionally don’t actually really feel that very same kind of apathy available in the market now that I did again in 2019 and 2020.”
Ethereum is price $1,736 at time of writing.
Cowen says that the extent of apathy for Ethereum would rise if the quantity two crypto asset fell to triple digits.
“It doesn’t actually remind me of 2019 or 2020 simply but. However I think about that if it had been down right here [around $700], the apathy would actually set in. After which it could remind me of that part.”
The broadly adopted crypto strategist says that Ethereum has underperformed Bitcoin (BTC) and presently faces headwinds moderately than tailwinds that might push its worth up – such because the transition to the proof of stake consensus mechanism final 12 months.
“Ethereum has been displaying a whole lot of weak point just lately and Bitcoin has continued to push up whereas Ethereum/Bitcoin valuation has been getting very very weak.
And sadly, this time it doesn’t actually have The Merge to form of generate hype. The truth is, we simply are staring within the face of a possible recession moderately than an instantaneous new bull market.”
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