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Crypto Strategist Benjamin Cowen Says Ethereum Is an ‘Absolute Beast,’ Outlines Next Milestone for ETH

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A closely followed trader and crypto analyst is calling Ethereum an ‘absolute beast’ as he predicts the bull market for the leading smart contract platform could extend into 2022.

In a new strategy session, Benjamin Cowen tells his 598,000 YouTube subscribers that Ethereum (ETH) has been in a strong uptrend since March of 2020.

“If you zoom out on Ethereum, look at what it’s done over the last 18 months or so, more than 18 months. It basically has just been going up with time.”

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According to Cowen’s chart, Ethereum has been on a steady climb, following an uptrend line from a low of $86 in March 2020 to its current price of $4,700. From the trader’s long-term perspective, Ethereum has printed staggering gains of more than 5,365% in less than two years.

The crypto analyst also says that he believes Ethereum’s uptrend will push into next year, highlighting several fundamental catalysts that can drive the value of ETH to greater heights.

“I still stand by that going into 2022 should still be relatively bullish for Ethereum, especially with The Merge and whatnot coming up. I would also assume that some of the stuff we’ll be speculating on in 2022 would be things like a futures ETF (exchange-traded fund) for Ethereum, more institutional investors coming in the space.”

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The Merge is the highly anticipated Ethereum upgrade that will replace the network’s current proof-of-work consensus mechanism with a more eco-friendly, secure and efficient proof-of-stake model. The Merge could take place as early as Q1 of 2022.

Looking at Ethereum against Bitcoin (ETH/BTC), Cowen is outlining what he says would be the next crucial milestone for the pair.

“I think the obvious target would be to first break the prior local high and then to get to a valuation of 0.1 BTC ($6,571). That would be significant. What would 0.1 BTC mean? It’s just 10% of Bitcoin… So if Bitcoin is at $61,000, it means ETH/USD is at $6,100… That would be a key milestone.” 

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Cowen adds that he believes Ethereum will continue to outperform other altcoins in a long-term timeframe.

“At the end of the day, Ethereum is an absolute beast. And you wonder why so many altcoins bleed against Ethereum. Look, this is what altcoins would have to keep pace with. A lot of them aren’t simply keeping pace with it. And this pace, this pace that Ethereum’s on is likely not stopping anytime soon. That’s the point.”

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Ethereum

Ethereum and Dogecoin Primed for Breakouts As Crypto Markets Gear Up for Bullish December, According to Analyst Justin Bennett

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Crypto analyst Justin Bennett says that December could bring rallies to the digital asset markets, with Ethereum (ETH) and Dogecoin (DOGE) potentially at the forefront.

The analyst tells his 91,000 Twitter followers that the dollar index (DXY), which compares the USD to a basket of other fiat currencies, is flashing a bullish signal for the crypto markets.

A weaker DXY often signals higher prices for many assets. Bennett notes that DXY may have just had a failed breakout, and could now be facing downward momentum.

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“DXY looks good for a crypto rally heading into December.

Friday’s close back inside this channel indicates weakness. Now for a close below 95.80.

Let’s see.”

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Source: Justin Bennett/Twitter

Bennett also has his eye on the chart for the total market cap of crypto (TOTAL). According to him, TOTAL is nearing the end of a large bullish descending wedge. He also notes a divergence between the rising relative strength index (RSI) and the downward price movement. A rising RSI during a downtrend is often interpreted as a hint of a bullish reversal.

“TOTAL falling wedge and bullish divergence developing on the intraday charts.

Something to keep an eye on.”

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Source: Justin Bennett/Twitter

Looking at Ethereum, the analyst says that next month looks good for the world’s second-largest crypto. Bennett says ETH is “poised to do well in December,” and could already be jostling for a breakout, as long as it sees more volume.

“ETH approaching a breakout level.

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Just add volume.”

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Source: Justin Bennett/Twitter

Also joining the rallies, according to Bennett, is leading memecoin Dogecoin (DOGE). He says DOGE is in the middle of a breakout, with its first key resistance at $0.25, and a final resistance level at all-time highs above $0.75.

“DOGE is breaking out.”

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Source: Justin Bennett/Twitter

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Should Ethereum investors really prepare for a ‘$6000’ December

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Ethereum hasn’t had a great time in November. Dropping by more than 9% at one point, the asset continued to decline over the course of the month.

However, the overall view might not be as bad as it seems on the surface. In fact, Ethereum has registered a 0.5% ROI for the month, which means investors would not have lost much even if they had invested towards the beginning of November.

Now, in this article, we will highlight a couple of factors that might suggest patience being rewarded for ETH investors during the last month of 2021. At press time, Ethereum’s market cap had recovered above $500 billion, having appreciated by 7% on the charts.

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Structural survival and setting foundation

Ethereum

Source: Trading View

One of the primary observations seen over the past 30 days is that Ethereum continued to find support between $3800 and $4000. After hitting $4400 in late October, it tested that range again before rising higher on the charts. However, the 2nd half of November led to strong corrections and on 26 November, a significant collapse took place. This range was tested again and now, over the last 30 days, the same price zone has been tested 5 times.

Speculations lead one to believe that Ether may undergo corrections beyond this level after it struggled just above $4000 over the last few days. However, over the last 24 hours, ETH recovered back above $4300.

Now, immediate corrections concerns might have been put to bed and another positive trait can be observed.

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Ethereum and its larger plans for December?

Ethereum
Source: Trading View

Ether’s price chart in the short-term might indicate chaos, but the long-term chart seemed to imply dynamic bullishness. This may lead to a strong December. The asset’s movement has formed a Cup and Handle pattern over the past few months. Keeping a base resistance of $4000, the pattern underwent a positive breakout during the beginning of November.

Now, in the grand scheme of things, the last few weeks of correction were a testing phase down to $4000.

Finally, Ether closed above $4000 yesterday on the weekly chart, emphasizing the presence of long-term bulls in the chart. Hence, technically, if the cup and handle pattern sees a positive turnaround, Ethereum should be expecting a 50% chance of testing a new high at $6000-$6200 over the course of December.

Investment greenlight

Source: Sanbase

On the question of identifying on-chain proficiency, ETH’s MVRV ratio suggested a buying opportunity. With the value dropping down to zero, it was a sign that selling pressure has more or less fallen for the altcoin. Historically, this has been a good period to buy based on the MVRV, and the overall market is set up in that direction as well.

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Bitcoin, Ethereum and Two Smart Contract Competitors Are the Winners Among Institutional Investors, According to Crypto Asset Manager CoinShares

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Leading digital asset manager CoinShares says institutional investors have a strong appetite for Bitcoin (BTC) and three leading smart contract platforms.

According to the firm, the overall crypto market correction has left investors hungry for more.

“Digital asset investment products saw inflows of US$306m last week suggesting [a] continued appetite for digital assets.”

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As usual, BTC led all digital assets in terms of capital inflows, this time in the wake of a new exchange-traded product (ETP) set to launch on the Deutsche Borse exchange.

“Bitcoin saw the largest inflows in 5 weeks totaling US$247m following the launch of another investment product in Europe. This brings the 11 week run of inflows to US$2.7bn.”

BTC is trading at $58,475 at time of writing, up nearly 6% on the day.

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The leading smart contract platform Ethereum (ETH) concluded a strong month of inflows with a week totaling over $23 million.

“Ethereum saw inflows totaling US$23m last week, marking its 5th consecutive week of inflows.”

This week’s big winners in inflows relative to assets under management (AuM) also include the scalable smart contract platform Solana (SOL) and the interoperable blockchain Polkadot, which is designed to support multiple layer-1 smart contract protocols.

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“In terms of inflows relative to AuM, Polkadot and Solana continue to be the winners, with inflows representing 8.6% (US$11.5m) and 5.9% (US$14.6m) of AuM respectively last week.”

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Source: CoinShares

Ethereum is currently trading at $4,453.79, up 7.5% in the last 24 hours. SOL and DOT are trading at $211.48 and $36.82, respectively, at time of writing.

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