Renowned analyst Benjamin Cowen believes that Ethereum (ETH) correction is not over yet.

In one Video Recently, Cowen told his 713,000 YouTube subscribers that he was closely monitoring Ethereum’s reaction as it approaches a bull market support band.

The bull market support band is a technical indicator that combines the 20-week SMA and the 21-week EMA.

According to Cowen, Ethereum’s inability to reach the bull market support band before the downtrend resumes is a sign of weakness.

“In my opinion, the selling pressure on ETH is very strong. If you zoom in, ETH price didn’t even touch the 21-week EMA before it rejected which is a clear sign of weakness.”

Weekly ETH/USDT chart | Source: TradingView/Cowen

The crypto strategist is also eyeing the ETH/BTC pair and says the pair is also bearish after failing to regain the bull market support band.

Moreover, the ETH/BTC pair is also being rejected by the bull market support band. I have a hard time looking at this and saying it looks optimistic. I’m having a hard time saying, “Look, Bitcoin looks bullish or Ethereum looks bullish.” Neither are trending right now.”

ETH/BTC Weekly Chart | Source: TradingView/Cowen

As for his bearish target for Ethereum, Cowen said the leading smart contract platform could dip below $2,000.

“ETH is still trading within its macro range, from $1,700 to the psychological $4,000 level. But I think it is more likely that ETH could reverse and test the low of the range at [$ 1.700]”.

Weekly ETH/USDT chart | Source: TradingView/Cowen

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions

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