Cryptocurrency strategist Benjamin Cowen is expressing bearish sentiment on Ethereum (ETH) amid the second-largest digital asset’s failed efforts to rally back above a key resistance level.
In a new video, Cowen tells his 785,000 YouTube subscribers that due to high levels of “anxiety” over Ethereum that has built up around the $1,800 price, ETH is likely to drop.
According to Cowen, the level of “apathy” in the market is not that high relative to the 2019/2020 bear season.
“There is so much anxiety on this level [$1,800 resistance level] like he thinks it’s much more likely to break down eventually…
I’ll be the first to admit that it’s taking longer than I thought. But I also don’t feel the same kind of apathy in the market now that I felt in 2019 and 2020.”
Ethereum is worth $1,736 at the time of writing.
Cowen says that the level of apathy for Ethereum would rise if the number two crypto asset fell to triple digits.
“It doesn’t really remind me of 2019 or 2020 yet. But I imagine if it was down here [around $700]apathy really set in. And then it reminded me of that phase.”
The widely followed crypto strategist says that Ethereum has underperformed Bitcoin (BTC) and is currently facing headwinds rather than tailwinds that could drive its price higher, such as the transition to proof-of-stake consensus mechanism on last year.
“Ethereum has been showing a lot of weakness recently and Bitcoin has continued to rise while Ethereum/Bitcoin valuation has weakened a lot.
And unfortunately, this time around it doesn’t really have The Merge to build hype. In fact, we are facing a potential recession rather than an immediate new bull market.”
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