Stock Market Could Drag Ethereum Further Down Before Counter Trend Rally, According to Analyst Benjamin Cowen

Cryptocurrency analyst Benjamin Cowen is warning {that a} weakening inventory market could trigger Ethereum (ETH) to retest lower cost ranges.

In a brand new technique session, Cowen tells his 889,000 YouTube subscribers that the S&P 500 could proceed to indicate weak point in April, which, primarily based on historic priority, could end in ETH additionally declining.

“What I’m questioning is what occurs in case you do see the S&P 500 proceed to indicate weak point into early to mid-April? Bear in mind, we stated there’s going to be weak point by the inventory market between February OPEX (Choice Expiration Week) and March OPEX. We obtained that, however I additionally stated there’s a risk that it might prolong into early to mid-April as effectively earlier than there’s a bigger counter-trend rally.

And the explanations for that might be as a consequence of tariff uncertainty on April 2nd. It might additionally simply merely be as a consequence of, there’s a whole lot of macro information popping out in early to mid-April that I feel the markets are going to be eager about. And one of many causes I feel the markets are going to be eager about it’s as a result of with all these tariffs, it might probably affect inflation.”

Cowen says ETH could drop to its logarithmic trendline, probably as little as $1,044, amid recessionary pressures, earlier than reclaiming the $3,000 stage as assist.

“I’m simply trying over right here at ETH/USD [on the weekly chart], and I see a triple prime, and I simply should surprise does it finally culminate in a recession, the place everybody thinks that by the point the recession is asserted it’s over, however the actuality is the market was pricing it in effectively forward of time, so that you just get this large drop after which a giant transfer out of it. We’ve been speaking about that for some time, and it’s the entire concept that ETH goes residence.”