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Crypto expert Benjamin Cowen, also the founder and CEO of ITC Crypto, has spotted an interesting trend on the Ethereum price chart that played out in the summer of 2018 and 2019.
A similar pattern appeared in summer 2022, and it appears to be emerging again this summer.
The price pattern saw ETH move higher in an ascending trend punctuated by short bursts of decline. If the pattern holds this summer, ETH may see a bit of a decline before rising higher.
#ETH
— Benjamin Cowen (@intocryptoverse) August 24, 2023
People tell me this time is different.
I doubt it pic.twitter.com/lB3xrLD6AM
Cowen believes the pattern might play out, citing historical precedent as he commented on the X platform: "People tell me this time is different. I doubt it."
As reported, Ethereum might face headwinds in the short term as analysts spot a head and shoulders pattern on its chart, which might point to further declines. This bearish pattern suggests possible additional losses with a downside price of $1,100.
Ethereum might be gearing up for a major move as its Bollinger bandwidth is nearly the narrowest since 2018. The distance between the upper and lower bands in a Bollinger analysis, a popular technique for estimating volatility, is known as the bandwidth.
However, the direction to which ETH is trending next remains an open question, given the fact that the market never fails to surprise.
Ethereum testnet "Holesky" to launch in September
In the upcoming months, Ethereum anticipates significant releases, including the launch of a new testnet called "Holesky." According to the GitHub documentation, Holesky will debut on Sept. 15, 2023, at 2:00 p.m. UTC. Ethereum researcher Barnabas Busa stated that, at genesis, Holesky will have 1,460,000 validators, making it Ethereum's biggest public network to date.
The testnet will continue to operate for some years, with end-of-life (EOL) support lasting until 2028 and long-term service (LTS) support through 2027. Holesky will take over the position of Ethereum's Goerli testnet, which will sunset soon.
Holesky will pave the way for two upcoming Ethereum upgrades: Cancun for the execution layer and Deneb for the consensus layer.
Arman Shirinyan
Alex Dovbnya
