{"id":554867,"date":"2023-10-11T04:00:34","date_gmt":"2023-10-11T04:00:34","guid":{"rendered":"https:\/\/ktsl888.com\/?p=554867"},"modified":"2023-10-10T18:14:28","modified_gmt":"2023-10-10T18:14:28","slug":"history-warning-is-ethereum-set-for-a-huge-plunge","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum\/history-warning-is-ethereum-set-for-a-huge-plunge\/","title":{"rendered":"History’s Warning: Is Ethereum Set For A Huge Plunge? Here Is What This Analyst Predicts"},"content":{"rendered":"

Ethereum (ETH) has maintained its spot as a leading altcoin. However, a recent analysis<\/a> from Benjamin Cowen indicates that its journey, at least in comparison to Bitcoin (BTC), could have followed a better trajectory.\u00a0<\/span><\/p>\n

In a space where past trends can sometimes indicate future outcomes, ETH\u2019s price behavior, when viewed against BTC, offers a tale of potential concern.<\/span><\/p>\n

Related Reading: Is Ethereum\u2019s Staking Boom A Ticking Time Bomb? JPMorgan Weighs In<\/a><\/div>\n

Ethereum Stumbling Blocks In 2023<\/span><\/h2>\n

A leading voice in the crypto analytical community, Benjamin Cowen, expressed his lack of enthusiasm for ETH’s performance in 2023 during a YouTube video. The ETH \/ BTC valuation, a critical metric for gauging relative performance, is the bedrock for his statements.<\/span><\/p>\n

According to his observations from monthly charts, Cowen’s analysis primarily orbits around the ETH \/ Bitcoin valuation, which has trended downwards.<\/span><\/p>\n

\"Ethereum\/Bitcoin
Ethereum\/Bitcoin (ETH\/BTC) price is moving on a downtrend on the 1-month chart. Source: ETH\/BTC on TradingView.com<\/a><\/figcaption><\/figure>\n

The analyst cites patterns from 2019, a pre-halving year, where ETH’s value<\/a> relative to BTC fell significantly. That year alone, the ETH \/ BTC valuation declined by about 49%. <\/span><\/p>\n

According to the analyst, fast forward to 2023, and ETH’s<\/a> comparative valuation has already plummeted by 20.56%. If Cowen’s prediction and the patterns from 2019 hold any water, Ethereum could be staring down a deeper abyss.<\/span><\/p>\n

Yet, it’s not all bleak. Cowen remains measured, as he acknowledges the change the nature of “The Merge<\/a>” brought on Ethereum\u2019s ecosystem, believing it is a “game changer.” While Cowen wasn’t overly optimistic, the analyst refrained from forecasting ETH\u2019s next moves, primarily due to the unpredictable ripple effects of The Merge.<\/span><\/p>\n

The Merge: A Game-Changing Variable?<\/span><\/h2>\n

The Merge, a much-anticipated Ethereum upgrade, has already marked its influence on the ETH \/ BTC valuation. Ethereum’s weekly charts have been in a continuous downtrend following its implementation, creating further lows.<\/span><\/p>\n

\"Ethereum\/Bitcoin
Ethereum\/Bitcoin (ETH\/BTC) price is moving on a downtrend on the 1-day chart. Source: ETH\/BTC on TradingView.com<\/a><\/figcaption><\/figure>\n

Cowen recognizes that The Merge, with its deflationary component, could mean ETH might not toe its historical line. This deflationary aspect could be Ethereum’s wild card, making its trajectory even more elusive.<\/span><\/p>\n

Notably, while many parallels might be drawn between 2019 and 2023, such updates as The Merge means that Ethereum’s journey<\/a> this year might still hold a few surprises.<\/span><\/p>\n

Related Reading: Here\u2019s Why The Ethereum Price Fell Toward $1,500<\/a><\/div>\n

Meanwhile, the Ethereum price against the US dollar has seen quite a bearish trend, particularly over the past week. The second largest crypto by market capitalization has plunged nearly 5% in the past 7 days, bringing its price to fall below $1,600 with a current trading price of $1,569<\/a>.<\/p>\n

\"Ethereum
Ethereum (ETH) price is moving sideways on the 4-hour chart. Source: ETH\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Ethereum (ETH) has maintained its spot as a leading altcoin. However, a recent analysis from Benjamin Cowen indicates that its journey, at least in comparison to Bitcoin (BTC), could have followed a better trajectory.\u00a0 In a space where past trends can sometimes indicate future outcomes, ETH\u2019s price behavior, when viewed against BTC, offers a tale of potential concern. Related Reading: Is Ethereum\u2019s Staking Boom A Ticking Time Bomb? JPMorgan Weighs In Ethereum Stumbling Blocks In 2023 A leading voice in the crypto analytical community, Benjamin Cowen, expressed his lack of enthusiasm for ETH’s performance in 2023 during a YouTube video. The ETH \/ BTC valuation, a critical metric for gauging relative performance, is the bedrock for his statements. According to his observations from monthly charts, Cowen’s analysis primarily orbits around the ETH \/ Bitcoin valuation, which has trended downwards. The analyst cites patterns from 2019, a pre-halving year, where ETH’s value relative to BTC fell significantly. That year alone, the ETH \/ BTC valuation declined by about 49%. According to the analyst, fast forward to 2023, and ETH’s comparative valuation has already plummeted by 20.56%. If Cowen’s prediction and the patterns from 2019 hold any water, Ethereum could be staring down a deeper abyss. Yet, it’s not all bleak. Cowen remains measured, as he acknowledges the change the nature of “The Merge” brought on Ethereum\u2019s ecosystem, believing it is a “game changer.” While Cowen wasn’t overly optimistic, the analyst refrained from forecasting ETH\u2019s next moves, primarily due to the unpredictable ripple effects of The Merge. The Merge: A Game-Changing Variable? The Merge, a much-anticipated Ethereum upgrade, has already marked its influence on the ETH \/ BTC valuation. Ethereum’s weekly charts have been in a continuous downtrend following its implementation, creating further lows. Cowen recognizes that The Merge, with its deflationary component, could mean ETH might not toe its historical line. This deflationary aspect could be Ethereum’s wild card, making its trajectory even more elusive. Notably, while many parallels might be drawn between 2019 and 2023, such updates as The Merge means that Ethereum’s journey this year might still hold a few surprises. Related Reading: Here\u2019s Why The Ethereum Price Fell Toward $1,500 Meanwhile, the Ethereum price against the US dollar has seen quite a bearish trend, particularly over the past week. The second largest crypto by market capitalization has plunged nearly 5% in the past 7 days, bringing its price to fall below $1,600 with a current trading price of $1,569. Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":520050,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[134,8323,1946,84307,78803],"class_list":["post-554867","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-altcoin","tag-eth","tag-ethereum","tag-ethereum-prediction","tag-ethusdt"],"acf":[],"yoast_head":"\nHistory's Warning: Is Ethereum Set For A Huge Plunge? Here Is What This Analyst Predicts<\/title>\n<meta name=\"description\" content=\"Ethereum (ETH) has maintained its spot as a leading altcoin. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/ktsl888.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"History’s Warning: Is Ethereum Set For A Huge Plunge? 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