Benjamin Cowen, a cryptocurrency expert, published his technical analysis of Ethereum’s ($ETH) price movement on 13 November 2022 and stated why he thinks this bear market might drive the price of Ethereum to as low as $600.
Cowen said, according to a report by the Daily Hodl, that: “We’ve discussed this throughout the year, and the general consensus is that Ethereum will see a series of bull runs, but that it will finally revert to its logarithmic regression band fit to “non-bubble data” at the end of the day.”
“It takes a long time, I mean it’s taking a very long time for us to get there, but I think we will ultimately get there, and I believe we will have to reach those levels in the regression zone before we can support another bull run and a prolonged advance in the market… “It may be time to revert to the bullish side once we reach levels of extreme value,” once we reach levels of extreme value.
Currently (as of 15 November 2022, 9:10 a.m. UTC), according to TradingView, $ETH is trading at $1,274, an increase of 1.18 percent over the previous 24 hours. Since $ETH reached its all-time high of $4,878 on 10 November 2021, the price has decreased by 73.88% (vs USD).
According to a Citi research study published on Monday, 31 October 2022, after the Merge, $ETH looks to be on the verge of becoming a deflationary asset. According to research released by CoinDesk on 2 November 2022, experts headed by Joseph Ayoub had the following to say regarding ETH.
Ether seems to be going toward a deflationary future since it demonstrates bouts of deflation in with low network activity.
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