According to Benjamin Cowen, the price of Ethereum (ETH), the leading alternative cryptocurrency, could go back to the 21 weeks EMA, which is currently below $ 3,500.
However, cryptocurrency could resume its rally after a short -term setback.
The analyst, who has more than one million followers on the social media platform X, states that such a pattern has been developing since April. Cowen is convinced that the same will happen this time.
ETH’s bullish impulse fades
As reported by U.TODAY, Ethereum was on its way to registering his best third quarter to date, surpassing the “Defi Summer” of 2020.
However, its massive rally has now stagnated, and the Token currently changes hands just below the $ 4,400 brand.
In particular, Cowen does not rule out that ETH can see a false impulse around $ 4,900. If it happens, expect a bull trap to be as soon as this week.
The whale buys $ 1 billion in eth
Meanwhile, a whale recently bought a whopping $ 1 billion in the leading cryptocurrency. This whale now has purchased and bet on a whopping $ 3.5 billion in ETH in practically not in time.
Significant ETF spot tickets
Although a significant correction seems to be possible based on the graph shared by Cowen, Ethereum’s robust entries (ETH) could throw a key in process for bulls.
Last week, these products added a total of 286,000 tokens, according to Glassnode Data.