Popular crypto analyst Benjamin Cowen is answering the question ETH bulls want to know.
Speaking to his 560,000 subscribers, Cowen confirms that he thinks Ethereum will reach a five-figure price tag, and provides a couple of scenarios for how ETH could get there.
“So my speculation is that Ethereum will make to $10,000. I’m inclined to say it’s probably not going to happen until 2022. If it happens in 2021, it probably won’t happen until December.”
The analyst notes that in previous years, January has acted as a launchpad for Ethereum, but occasionally December also comes in as a green month.
“We’ve seen Ethereum make some nice moves. Normally they happen starting in January, but in one or two of the years they actually started in mid-December, so I would speculate that it’s probably going to be 2022 before we get a $10,000 Ether, but at the earliest, I would really imagine it would be December. Even then I’m more inclined to say 2022.”
Looking at the more neutral to bearish case for Ethereum, Cowen speculates that an underperforming Bitcoin in Q4 could act as a deadweight on ETH. Specifically, if BTC makes a drop down below the bull market support band (20-week simple moving average combined with the 21-week exponential moving average) Cowen says ETH would face major headwinds.
Cowen, who has gained a massive following over the last year with his more conservative, longterm style technical analysis, is also open to a scenario where Ethereum decouples from Bitcoin and rallys while BTC goes red.
“Now that we had a summer lull, we dropped back down, we’ve been rangebound for five or six months now, we’re going into Q4, so far Bitcoin looks good. It seems reasonable to think that conservatively, 2022 will bring a $10,000 Ether. I would also contend that if Bitcoin were to all the sudden turn bearish, I still think Ethereum could make it to $10,000 in 2022, it would just be later in 2022…
I do think Ethereum is a blue-chip crypto that should be in everyone’s portfolio. I think it should be number two in a portfolio, that’s my personal opinion, after Bitcoin. If you were to tell me it’s not number two in your portfolio, the only reason I think is maybe because it’s number one, because you want a little more risk than what Bitcoin gives you.”