Renowned analyst Benjamin Cowen has expressed concerns about the future of Ethereum (ETH), suggesting that it may face further downward pressure in the coming months. In a recent video, Cowen, who has a substantial following of 801,000 subscribers on YouTube, highlighted the potential negative impact of monetary policy on Ethereum.

Cowen believes that ETH/USD is currently facing challenges, particularly following the potential rejection of a spot exchange-traded fund (ETF). He anticipates that individuals will attribute any negative effects to the spot ETF and may capitulate as a result. The analyst emphasizes that the only scenario in which Ethereum could experience an upward trajectory is if Bitcoin significantly increases in value.

On the other hand, Cowen predicts that the Ethereum/Bitcoin (ETH/BTC) pair is likely to continue its decline based on historical trends. He suggests that even if Bitcoin’s price remains stable, the Ethereum/Bitcoin pair will still go down. Furthermore, if Bitcoin experiences a decline, it is highly probable that Ethereum/Bitcoin will also decrease. Cowen cites the performance of Ethereum/Bitcoin in the past, noting that in eight out of ten quarters, it has declined regardless of whether Bitcoin’s price was rising, falling, or stagnant.

At the time of writing, ETH is trading at $3,002. However, Cowen’s analysis suggests that this price may not be sustainable in the long run.

Disclaimer: The opinions expressed in this article are not investment advice. Investors should conduct their own research before engaging in high-risk investments involving Bitcoin, cryptocurrencies, or digital assets. It is important to note that all transfers and trades are done at one’s own risk, and any resulting losses are the individual’s responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets and is not an investment advisor. Please be aware that The Daily Hodl participates in affiliate marketing.