Ethereum’s (CRYPTO: ETH) 30% rebound last week may still face one major test before a more durable recovery, according to prominent analyst Benjamin Cowen.
Is ETH Low Already In?
In a podcast on Monday, Cowen noted that after a 70% rebound from its lows around $1,600, Ethereum is now approaching its regression-model "fair value" around $2,300-$2,400. It is also testing its 200-day moving average.
He sees a stronger case for Ethereum having already bottomed than Bitcoin, pointing to its history of forming cycle lows during the summer.
“If there’s no drop in stocks starting in the next month or two, then the odds of the low being in for Ethereum are probably like 70%,” he said.
