Crypto strategist Benjamin Cowen believes Ethereum (ETH) can follow gold price action this year on the way to print new record heights.
In a new strategy session, analysts are telling 931,000 YouTube subscribers that they will wait for Ethereum to consolidate over $4,000 in the coming weeks to blow up to an all-time high before key technology metrics rise.
According to Cowen, the same pattern was spotted with gold this year. At that time, precious metals rallied at a record high of $3,700, exceeding $3,100.
“There’s a scenario where Ethereum lie down until the 21-week EMA (exponential moving average) catches up, and that’s high. That’s also a perfectly valid outcome. In fact, we’ve seen the outcome happen with money…
That’s exactly what happened with money. You can see it. It was having a big rally so I went sideways until the support band at Bull Market caught up, and it was pushed to the highest ever… It would do it many times and wait for a 21-week EMA or a 20-week SMA (simple moving average).
They will wait for them to catch up, and it will be pushed higher, but it doesn’t necessarily have to go there. ”
Source: Benjamin Cowen/YouTube
At the time of writing, ETH is trading at $4,342, while gold is worth $3,689.
https://www.youtube.com/watch?v=Idvuimgimiu
Generated Image: Midjourney
