Dear Compatriots of the Cryptosphere,
It seems that the wise and wary analyst Benjamin Cowen has foreseen a grim fate for Ethereum (ETH), should the stock market decide to play its trump card of despair. In a recent strategy session, Cowen imparted his wisdom to his 889,000 YouTube followers, a number as vast as the Siberian steppes, warning that the S&P 500 may continue to falter in April. This, he suggests, could drag the noble ETH down to realms it would rather not visit.
“What I’m wondering is what happens if you do see the S&P 500 continue to show weakness into early to mid-April? Remember, we said there’s going to be weakness by the stock market between February OPEX (Option Expiration Week) and March OPEX. We got that, but I also said there’s a possibility that it could extend into early to mid-April as well before there’s a larger counter-trend rally.
And the reasons for that could be due to tariff uncertainty on April 2nd. It could also just simply be due to, there’s a lot of macro data coming out in early to mid-April that I think the markets are going to be interested in. And one of the reasons I think the markets are going to be interested in it is because with all these tariffs, it could potentially have an effect on inflation.”
Cowen, in his sagacious manner, predicts that ETH might tumble to its logarithmic trendline, perhaps as low as $1,044, under the weight of recessionary pressures. But fear not, for he envisions a future where ETH will rise again, reclaiming the $3,000 level as its fortress of support.
“I’m just looking over here at ETH/USD [on the weekly chart], and I see a triple top, and I just have to wonder does it ultimately culminate in a recession, where everyone thinks that by the time the recession is declared it’s over, but the reality is the market was pricing it in well ahead of time, so that you get this big drop and then a big move out of it. We’ve been talking about that for a while, and it’s the whole idea that ETH goes home.”
At the time of writing, ETH is trading at $1,909, a modest 4.7% gain in the last 24 hours. A temporary buoyancy, perhaps, in a sea of uncertainty. 🌊🔥
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2025-04-03 03:03