Widely followed analyst Benjamin Cowen said Ethereum (ETH) is at risk of experiencing more downside pressure in the coming months. In a new video, Cowen told his 801,000 YouTube subscribers that monetary policy will likely have a negative impact on Ethereum. He indicated the following:

“I think ETH/USD still faces some headwinds here, especially after the potential rejection of the spot exchange-traded fund (ETF)…

…I think the impact that people are going to feel is just going to come from tighter monetary policy. They will attribute it to the spot ETF and they may give in.”

According to Cowen, ETH could only rise under one condition. He stated the following about this:

The widely followed analyst indicated that the Ethereum/Bitcoin (ETH/BTC) pair, on the other hand, is likely to continue falling under most circumstances based on history. About this he said:

“So if Ethereum rises, Ethereum/Bitcoin will likely continue to fall. If Bitcoin goes sideways, Ethereum/Bitcoin will continue to fall in my opinion. And if Bitcoin goes down, Ethereum/Bitcoin will probably go down too because Bitcoin has done all kinds of things since 2022 started. In eight out of ten quarters, Ethereum/Bitcoin has fallen, regardless of whether Bitcoin went up, down or sideways. Ethereum/Bitcoin generally went down.”

ETH is trading at $3,002 at the time of writing.

Source: https://cryptobenelux.com/2024/05/09/ethereum-krijgt-het-nog-moeilijk-aldus-analist/

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