Ethereum Could Plunge to $1,200 If Bear Market Trend Repeats, Analyst Warns
• Ethereum may be repeating a historical pattern that brought ETH down to much lower levels in the last bear market • In the last bear market, Ethereum didn't bottom out until it canceled out a previous breakout and retested a macro low • ETH crashed immediately after the Ethereum/Bitcoin (ETH/BTC) pair broke down last time • Analyst Benjamin Cowen says if history repeats, ETH could trade down to around $1,200 after an ETH/BTC breakdown • Currently ETH/BTC is still above Cowen's support level, but teetering close to a breakdown like in July 2019