Ethereum: Dubious Speculation | Benjamin Cowen YouTube Video Summary
In this video, Benjamin Cowen discusses Ethereum, including speculative ideas. Benjamin shares that the forecast for a while has been that Ethereum would not go to all-time highs until after it first went home to the regression band. A possible scenario is that Ethereum puts in a slightly higher high very early in September, but that is very likely to be the final divergence before coming back down.
Detailed Summary:
Ethereum's Trajectory: A Deep Dive into Speculation
Benjamin Cowen explores the possible price movement for Ethereum, drawing upon historical patterns and current trends. It's important to note that while these patterns are interesting and potentially telling, it should not be regarded as financial advice.
Bitcoin and Ethereum Correlation
Cowen notes that Bitcoin is getting closer to its bull market support band after Ethereum hit new all time highs. Cowen expected Bitcoin to fall to its 20 week SMA only after Ethereum put in new all time highs, which is what transpired.
August 20th Outlook
Cowen points out how things looked bleak on August 20th. Around that time there was some doubt that Ethereum could actually put in an all time high in August before experiencing a price correction.
Potential Path for Ethereum
Cowen points out that in terms of price action, the price can be interpreted as a random walk, akin to geometric Brownian motion. He states that it feels like a matter of time before Ethereum drops in September and potentially through October. He draws a comparison to 2020 to say there is some precedent for this.
Ethereum's RSI
Looking at the daily time frame, Ethereum is seeing divergence with higher highs in price, but lower highs in strength. He says he thinks this implies the price needs to cool off in the September / October time frame.