Crypto analyst Benjamin Cowen says that he’s expecting Ethereum (ETH) to correct sharply to below the $1,000 level.

In a new strategy session, Cowen tells his 790,000 YouTube subscribers that historically, ETH often “tests the integrity” of its major cycle lows at least twice before moving into a new bull phase.

The analyst points out the retests of cycle lows in 2015, 2016 and 2020 and says that another low in 2022 has yet to be retested.

Cowen forecasts that Ethereum first breaks down in its Bitcoin pair (ETH/BTC) before ETH/USD follows suit, likely this year.

“What I’m suggesting is that sometime in the next few months, ETH/BTC breaks down. After ETH/BTC breaks down, ETH/USD breaks down.

One of the things about ETH/USD that you might notice is that it doesn’t tend to just put in a low and then never test the integrity of that low. Look at all the prior examples…

So at some point, I think Ethereum will test the integrity of that low, back down below $1,000. But, history would also suggest that it won’t test it until after ETH/BTC breaks down. And history also suggests that ETH/BTC probably won’t break down in January because normally January is a good month for Ethereum.

It could still take some time given these narratives that are floating around, given the spot ETF for ETH, given the halving narratives, it could take some time for that to play out.”

At time of writing, Ethereum is trading at $2,268.

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