Ethereum has no fantastic market cycle and is regularly the target of spot. While Bitcoin already made an impressive new all-time high of $ 109,000 and direct competitor Solana also performed nicely, it does not want to go smoothly in Ethereum.
Stock market predicts more weakness for Ethereum
According to Cowen, the American S&P 500 can sometimes be leading for Ethereum. If the stock market index from the United States continues to fall, then Cowen could also lead to a lower Ethereum course.
“What I wonder is what would happen if the S&P 500 weakness continued to show medio-April. Know that we predicted weakness in February and March as a result of the end of option contracts. We received weakness, but I also said there was a possibility for that weakness to last until mid-April.
The reasons for this may lie with the uncertainty about the import duties of Donald Trump. But it can also simply be the result of the gigantic container of macro-economic data that is on the program for April.
And why the market will look at that with interest is inflation, because all those developments can have an impact on that, “says Cowen.
Ethereum can fall to $ 1,044
According to Cowen, the Ethereum course can potentially fall to $ 1,044, while there is more and more fear of a recession. Then Ethereum must start a revival and recover the support at $ 3,000.
“I just look here at the Ethereum/Dollar graph and see a triple top, and ask myself to what extent this can point towards a recession,” said Cowen. He thinks that the market is already taking up a recession at the moment, and also designates that as a reason for the weakness.
After that, however, Ethereum must start a revival. So it could be that a large part of the misery is already over. You also get that suspicion if you look at the Bitcoin course.
It reached a local bottom of $ 76,700 and has since risen to $ 83,000, while there was still a rate of nearly $ 88,000 on the signs yesterday; Until Donald Trump came with his import duties.
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Source: https://newsbit.nl/aandelenmarkt-kan-ethereum-verder-omlaag-trekken-aldus-benjamin-cowen/
