Stock Market Could Drag Ethereum Further Down Before Counter Trend Rally, According to Analyst Benjamin Cowen

Cryptocurrency analyst Benjamin Cowen is warning {that a} weakening inventory market could trigger Ethereum (ETH) to retest lower cost ranges.

In a brand new technique session, Cowen tells his 889,000 YouTube subscribers that the S&P 500 could proceed to point out weak point in April, which, based mostly on historic priority, could lead to ETH additionally declining.

“What I’m questioning is what occurs when you do see the S&P 500 proceed to point out weak point into early to mid-April? Keep in mind, we mentioned there’s going to be weak point by the inventory market between February OPEX (Choice Expiration Week) and March OPEX. We bought that, however I additionally mentioned there’s a risk that it might prolong into early to mid-April as effectively earlier than there’s a bigger counter-trend rally.

And the explanations for that may very well be attributable to tariff uncertainty on April 2nd. It might additionally simply merely be attributable to, there’s quite a lot of macro knowledge popping out in early to mid-April that I feel the markets are going to be all in favour of. And one of many causes I feel the markets are going to be all in favour of it’s as a result of with all these tariffs, it might probably impact inflation.”

Cowen says ETH could drop to its logarithmic trendline, probably as little as $1,044, amid recessionary pressures, earlier than reclaiming the $3,000 stage as assist.

“I’m simply trying over right here at ETH/USD [on the weekly chart], and I see a triple high, and I simply must marvel does it finally culminate in a recession, the place everybody thinks that by the point the recession is said it’s over, however the actuality is the market was pricing it in effectively forward of time, so that you just get this large drop after which an enormous transfer out of it. We’ve been speaking about that for some time, and it’s the entire concept that ETH goes dwelling.”