Crypto strategist Benjamin Cowen believes that Ethereum (ETH) can observe gold’s value motion this yr en path to printing new file highs.
In a brand new technique session, the analyst tells his 931,000 YouTube subscribers that he sees Ethereum consolidating above $4,000 within the coming weeks to attend for a key technical indicator to rise earlier than blasting to new all-time highs.
In keeping with Cowen, the identical sample was witnessed in gold this yr, when the dear steel consolidated above $3,100 earlier than rallying to its file excessive of $3,700.
“There does exist a state of affairs the place Ethereum simply form of goes sideways till the 21-week EMA (exponential transferring common) catches up, after which it goes increased. That can also be a superbly legitimate end result. The truth is, we simply noticed that end result play out with gold…
That’s precisely what occurred with gold. You may see it. It had a giant rally, after which it simply went sideways till the bull market help band caught up, after which it pushed to a brand new all-time excessive… It’s accomplished it loads of occasions, the place it’ll watch for the 21-week EMA or the 20-week SMA (easy transferring common).
It’ll watch for them to catch up, after which it pushes increased, but it surely doesn’t essentially need to go all the best way down there.”
Supply: Benjamin Cowen/YouTube
At time of writing, ETH is buying and selling at $4,342 whereas gold is price $3,689.
Generated Picture: Midjourney
