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Crypto analyst and trader Benjamin Cowen said that, in his opinion, Ethereum (ETH) awaits in 2022.
In a new video, Cowan told his 663,000 YouTube subscribers that Ethereum was in a consolidation phase for most of 2021.
To make an assumption about what could happen to ETH next, the analyst looked at the consolidation phases in 2016 and 2017, which preceded the massive upward breakouts. Cowen noted that Ethereum is likely to have a combination of the two phases in the near future.
I think that neither of them may happen, but there may be a combination of two at once. Maybe we’ll see something in between.
I believe Ethereum will hit all-time highs in 2022 and may continue to grow in 2023, but it’s hard to count on at the moment.
Cowan notes that the current phase of Ethereum’s consolidation is similar to 2016 in the sense that it involves a 2x swing. In 2016, ETH ranged from $ 8 to $ 16; for most of 2021, it fluctuated between $ 2,000 and $ 4,000.
The analyst believes that the Ethereum consolidation could last until mid-2022, but the likely end result will be a breakthrough.
I believe we do have some growth ahead of us. I don’t know how high he can climb. I think $ 10,000 is a reasonable target, we could even reach $ 20,000. It’s hard to say …
I imagine the sideways movement will continue for a while, especially given that Bitcoin looks somewhat weak at the moment.
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